Total monthly cost of ownership
Cost to Own a Home in Grants, New Mexico
A $124,000 home here costs
$1,082per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $637. The real number is $445 higher every month — 70% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Grants against Cibola County and New Mexico
| Measure | Grants | Cibola County |
|---|---|---|
| Median home value | $123,600 | $120,000 |
| Median property tax | $1,102 | $983 |
| Effective tax rate | 0.892% | 0.819% |
| Median gross rent | $750 | $724 |
| Population | 9,106 | 27,059 |
The weather behind that power bill
Grants sits in Cibola County, which averages a high of 88.8°F in its hottest month and a low of 13.9°F in its coldest, with 10.7" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 475 cooling and 6,105 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Cibola County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cibola County
Full Cibola County cost breakdown · Every county in New Mexico
Common questions
How much does it cost to own a home in Grants?
A $124,000 home in Grants, New Mexico costs approximately $1,082 per month with 20% down at 6.66%. That is $637 principal and interest, $92 property tax, $54 homeowners insurance, $195 utilities and $103 set aside for maintenance.
What is the property tax rate in Grants?
Grants has an effective property tax rate of 0.892%, based on a median home value of $123,600 and median real estate taxes of $1,102. That is higher than the Cibola County average of 0.819%.
What is the average home price in Grants?
The median owner-occupied home value in Grants, New Mexico is $123,600, against $120,000 across Cibola County.
Is it cheaper to rent or buy in Grants?
Median gross rent in Grants is $750 a month, against $1,082 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Grants — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for New Mexico.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.