Total monthly cost of ownership
Cost to Own a Home in Santa Fe, New Mexico
A $412,000 home here costs
$3,117per 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 $133,500 a year.
A standard mortgage calculator would have told you $2,246. The real number is $871 higher every month, 39% more than the payment most buyers budget for.
Compare Santa Fe 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.
Santa Fe against Santa Fe County and New Mexico
| Measure | Santa Fe | Santa Fe County |
|---|---|---|
| Median home value | $411,500 | $416,900 |
| Median property tax | $2,055 | $2,110 |
| Effective tax rate | 0.499% | 0.506% |
| Median gross rent | $1,380 | $1,318 |
| Population | 88,224 | 155,175 |
The weather behind that power bill
Santa Fe sits in Santa Fe County, which averages a high of 88.5°F in its hottest month and a low of 19.5°F in its coldest, with 10.71" of precipitation a year and 48% of it in a single three-month stretch. That climate drives 683 cooling and 5,385 heating degree days, which is what sets the $108 electricity line above.
See the full climate breakdown for Santa Fe County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Santa Fe County
Full Santa Fe County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Santa Fe 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 Santa Fe every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Santa Fe I already own here and may sell
Common questions
How much does it cost to own a home in Santa Fe?
A $412,000 home in Santa Fe, New Mexico costs approximately $3,117 per month with 20% down at 7.24%. That is $2,246 principal and interest, $171 property tax, $181 homeowners insurance, $176 utilities and $343 set aside for maintenance.
What is the property tax rate in Santa Fe?
Santa Fe has an effective property tax rate of 0.499%, based on a median home value of $411,500 and median real estate taxes of $2,055. That is in line with the Santa Fe County average of 0.506%.
What is the average home price in Santa Fe?
The median owner-occupied home value in Santa Fe, New Mexico is $411,500, against $416,900 across Santa Fe County.
Is it cheaper to rent or buy in Santa Fe?
Median gross rent in Santa Fe is $1,380 a month, against $3,117 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 Santa Fe?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Santa Fe, New Mexico at today's rate takes a household income of roughly $133,500 a year. That covers the full $3,117 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Santa Fe, 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.