Total monthly cost of ownership
Cost to Own a Home in Santa Teresa, New Mexico
A $217,000 home here costs
$1,796per 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 $77,000 a year.
A standard mortgage calculator would have told you $1,202. The real number is $594 higher every month, 49% more than the payment most buyers budget for.
Compare Doña Ana 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 Teresa against Doña Ana County and New Mexico
| Measure | Santa Teresa | Doña Ana County |
|---|---|---|
| Median home value | $216,600 | $205,400 |
| Median property tax | $1,732 | $1,404 |
| Effective tax rate | 0.800% | 0.684% |
| Median gross rent | $1,259 | $903 |
| Population | 5,973 | 221,665 |
The weather behind that power bill
Santa Teresa sits in Doña Ana County, which averages a high of 96.2°F in its hottest month and a low of 29.6°F in its coldest, with 9.14" of precipitation a year and 54% of it in a single three-month stretch. That climate drives 2,059 cooling and 2,675 heating degree days, which is what sets the $105 electricity line above.
See the full climate breakdown for Doña Ana County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Doña Ana County
Full Doña Ana County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Santa Teresa 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 Teresa every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Santa Teresa I already own here and may sell
Common questions
How much does it cost to own a home in Santa Teresa?
A $217,000 home in Santa Teresa, New Mexico costs approximately $1,796 per month with 20% down at 7.4%. That is $1,202 principal and interest, $145 property tax, $95 homeowners insurance, $173 utilities and $181 set aside for maintenance.
What is the property tax rate in Santa Teresa?
Santa Teresa has an effective property tax rate of 0.800%, based on a median home value of $216,600 and median real estate taxes of $1,732. That is higher than the Doña Ana County average of 0.684%.
What is the average home price in Santa Teresa?
The median owner-occupied home value in Santa Teresa, New Mexico is $216,600, against $205,400 across Doña Ana County.
Is it cheaper to rent or buy in Santa Teresa?
Median gross rent in Santa Teresa is $1,259 a month, against $1,796 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 Teresa?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Santa Teresa, New Mexico at today's rate takes a household income of roughly $77,000 a year. That covers the full $1,796 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Santa Teresa, 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.