Total monthly cost of ownership
Cost to Own a Home in Las Vegas, New Mexico
A $144,000 home here costs
$1,232per 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 $53,000 a year.
A standard mortgage calculator would have told you $785. The real number is $447 higher every month, 57% more than the payment most buyers budget for.
Compare San Miguel 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.
Las Vegas against San Miguel County and New Mexico
| Measure | Las Vegas | San Miguel County |
|---|---|---|
| Median home value | $143,900 | $177,600 |
| Median property tax | $1,054 | $991 |
| Effective tax rate | 0.732% | 0.558% |
| Median gross rent | $731 | $774 |
| Population | 13,120 | 27,036 |
The weather behind that power bill
Las Vegas sits in San Miguel County, which averages a high of 83.5°F in its hottest month and a low of 19.5°F in its coldest, with 15.73" of precipitation a year and 54% of it in a single three-month stretch. That climate drives 318 cooling and 5,713 heating degree days, which is what sets the $108 electricity line above.
See the full climate breakdown for San Miguel County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in San Miguel County
Full San Miguel County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Las Vegas 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 Las Vegas every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Las Vegas I already own here and may sell
Common questions
How much does it cost to own a home in Las Vegas?
A $144,000 home in Las Vegas, New Mexico costs approximately $1,232 per month with 20% down at 7.24%. That is $785 principal and interest, $88 property tax, $63 homeowners insurance, $176 utilities and $120 set aside for maintenance.
What is the property tax rate in Las Vegas?
Las Vegas has an effective property tax rate of 0.732%, based on a median home value of $143,900 and median real estate taxes of $1,054. That is higher than the San Miguel County average of 0.558%.
What is the average home price in Las Vegas?
The median owner-occupied home value in Las Vegas, New Mexico is $143,900, against $177,600 across San Miguel County.
Is it cheaper to rent or buy in Las Vegas?
Median gross rent in Las Vegas is $731 a month, against $1,232 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 Las Vegas?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Las Vegas, New Mexico at today's rate takes a household income of roughly $53,000 a year. That covers the full $1,232 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Las Vegas, 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.