Total monthly cost of ownership
Cost to Own a Home in Grants, New Mexico
A $124,000 home here costs
$1,102per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $47,000 a year.
A standard mortgage calculator would have told you $676. The real number is $426 higher every month, 63% more than the payment most buyers budget for.
Compare Cibola County with anywhere in America · full county breakdown
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 $108 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
Talk to someone who works this market
These are Grants averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Grants every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Grants I already own here and may sell
Common questions
How much does it cost to own a home in Grants?
A $124,000 home in Grants, New Mexico costs approximately $1,102 per month with 20% down at 7.24%. That is $676 principal and interest, $92 property tax, $54 homeowners insurance, $176 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 $1,102 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Grants?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Grants, New Mexico at today's rate takes a household income of roughly $47,000 a year. That covers the full $1,102 monthly cost, not just the mortgage payment.
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.