Total monthly cost of ownership
Cost to Own a Home in Milan, New Mexico
A $71,000 home here costs
$708per 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 $30,500 a year.
A standard mortgage calculator would have told you $387. The real number is $321 higher every month, 83% more than the payment most buyers budget for.
Compare Cibola County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Milan from a five-year rolling sample, and with about 2,473 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 Cibola 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.
Milan against Cibola County and New Mexico
| Measure | Milan | Cibola County |
|---|---|---|
| Median home value | $71,300 | $120,000 |
| Median property tax | $657 | $983 |
| Effective tax rate | 0.921% | 0.819% |
| Median gross rent | $828 | $724 |
| Population | 2,473 | 27,059 |
The weather behind that power bill
Milan 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 Milan 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 Milan every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Milan?
A $71,000 home in Milan, New Mexico costs approximately $708 per month with 20% down at 7.24%. That is $387 principal and interest, $54 property tax, $31 homeowners insurance, $176 utilities and $59 set aside for maintenance.
What is the property tax rate in Milan?
Milan has an effective property tax rate of 0.921%, based on a median home value of $71,300 and median real estate taxes of $657. That is higher than the Cibola County average of 0.819%.
What is the average home price in Milan?
The median owner-occupied home value in Milan, New Mexico is $71,300, against $120,000 across Cibola County.
Is it cheaper to rent or buy in Milan?
Median gross rent in Milan is $828 a month, against $708 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Milan?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Milan, New Mexico at today's rate takes a household income of roughly $30,500 a year. That covers the full $708 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Milan, 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.