Total monthly cost of ownership
Cost to Own a Home in Loving, New Mexico
A $177,000 home here costs
$1,399per 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 $60,000 a year.
A standard mortgage calculator would have told you $965. The real number is $434 higher every month, 45% more than the payment most buyers budget for.
Compare Eddy County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Loving from a five-year rolling sample, and with about 1,317 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Eddy County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Loving against Eddy County and New Mexico
| Measure | Loving | Eddy County |
|---|---|---|
| Median home value | $177,400 | $199,400 |
| Median property tax | $391 | $995 |
| Effective tax rate | 0.220% | 0.499% |
| Median gross rent | $1,231 | $1,183 |
| Population | 1,317 | 61,114 |
The weather behind that power bill
Loving sits in Eddy County, which averages a high of 96.2°F in its hottest month and a low of 29.5°F in its coldest, with 12.05" of precipitation a year and 50% of it in a single three-month stretch. That climate drives 2,194 cooling and 2,756 heating degree days, which is what sets the $108 electricity line above.
See the full climate breakdown for Eddy County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Eddy County
Full Eddy County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Loving 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 Loving every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Loving I already own here and may sell
Common questions
How much does it cost to own a home in Loving?
A $177,000 home in Loving, New Mexico costs approximately $1,399 per month with 20% down at 7.24%. That is $965 principal and interest, $32 property tax, $78 homeowners insurance, $176 utilities and $148 set aside for maintenance.
What is the property tax rate in Loving?
Loving has an effective property tax rate of 0.220%, based on a median home value of $177,400 and median real estate taxes of $391. That is lower than the Eddy County average of 0.499%.
What is the average home price in Loving?
The median owner-occupied home value in Loving, New Mexico is $177,400, against $199,400 across Eddy County.
Is it cheaper to rent or buy in Loving?
Median gross rent in Loving is $1,231 a month, against $1,399 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 Loving?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Loving, New Mexico at today's rate takes a household income of roughly $60,000 a year. That covers the full $1,399 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Loving, 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.