Total monthly cost of ownership
Cost to Own a Home in North Valley, New Mexico
A $291,000 home here costs
$2,328per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $100,000 a year.
A standard mortgage calculator would have told you $1,612. The real number is $716 higher every month, 44% more than the payment most buyers budget for.
Compare Bernalillo 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.
North Valley against Bernalillo County and New Mexico
| Measure | North Valley | Bernalillo County |
|---|---|---|
| Median home value | $290,500 | $268,500 |
| Median property tax | $2,074 | $2,544 |
| Effective tax rate | 0.714% | 0.947% |
| Median gross rent | $1,063 | $1,087 |
| Population | 11,474 | 674,357 |
The weather behind that power bill
North Valley sits in Bernalillo County, which averages a high of 91.2°F in its hottest month and a low of 26.4°F in its coldest, with 8.84" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 1,438 cooling and 3,996 heating degree days, which is what sets the $105 electricity line above.
See the full climate breakdown for Bernalillo County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bernalillo County
Full Bernalillo County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are North Valley 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 North Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in North Valley I already own here and may sell
Common questions
How much does it cost to own a home in North Valley?
A $291,000 home in North Valley, New Mexico costs approximately $2,328 per month with 20% down at 7.4%. That is $1,612 principal and interest, $173 property tax, $128 homeowners insurance, $173 utilities and $243 set aside for maintenance.
What is the property tax rate in North Valley?
North Valley has an effective property tax rate of 0.714%, based on a median home value of $290,500 and median real estate taxes of $2,074. That is lower than the Bernalillo County average of 0.947%.
What is the average home price in North Valley?
The median owner-occupied home value in North Valley, New Mexico is $290,500, against $268,500 across Bernalillo County.
Is it cheaper to rent or buy in North Valley?
Median gross rent in North Valley is $1,063 a month, against $2,328 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 North Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in North Valley, New Mexico at today's rate takes a household income of roughly $100,000 a year. That covers the full $2,328 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for North Valley, 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.