CALCMONEY // HOME AFFORDABILITY // NM // ALBUQUERQUE
How much house can you afford in Albuquerque? Based on local median home prices, current NM mortgage rates, and Albuquerque property tax data.
$310,000
$1,957/mo
$83,863/yr
$191,638
Monthly housing costs of $1,957 represent 41.2% of Albuquerque's median gross monthly income ($4,750/mo). At 41.2%, median-income buyers in Albuquerque are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $310,000 |
| Down Payment (20%) | $62,000 |
| Loan Amount | $248,000 |
| Monthly PI Payment | $1,642 |
| Monthly Property Tax | $186 |
| Monthly Insurance Est. | $129 |
| Total Monthly PITI | $1,957 |
| Housing Cost % of Income | 41.2% |
| Required Income (28% rule) | $83,863/yr |
| Max Affordable Home | $191,638 |
$10,850
$2,507/mo
Albuquerque Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $310,000 | Albuquerque city median |
| Down Payment (20%) | $62,000 | Conventional loan |
| Monthly PITI | $1,957 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $83,863 | Annual gross |
| Max Affordable Home | $191,638 | Based on median income |
| FHA Down (3.5%) | $10,850 | Minimum FHA |
| Housing Cost % of Income | 41.2% | Median income: $57,000/yr |
| Property Tax Rate | 0.72% | $2,232/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Albuquerque is $310,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $248,000, generating a monthly P&I payment of $1,642. Adding property taxes ($186/mo) and homeowners insurance ($129/mo) brings total monthly PITI to $1,957.
Albuquerque's property tax rate of 0.72% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Albuquerque median home, that is $186/month, or $2,232 per year.
New Mexico levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Albuquerque should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Albuquerque's median income of $57,000/year can afford up to $1,330/month in total housing costs. Based on Albuquerque's mortgage rate of 6.95% and property tax rate of 0.72%, that translates to a maximum affordable home price of approximately $191,638 with 20% down on a 30-year loan.
To afford the median Albuquerque home priced at $310,000, you need an annual gross income of approximately $83,863. Total monthly housing costs (principal and interest of $1,642, property taxes of $186, and insurance of $129) come to $1,957/month, which equals 28% of the required income.
At the median home price of $310,000 and median household income of $57,000, the total monthly housing cost of $1,957 represents 41.2% of gross monthly income. This is well above the standard 28% threshold, making Albuquerque a challenging market for buyers at median income.
A conventional 20% down payment on the median Albuquerque home of $310,000 is $62,000. An FHA loan requires just 3.5% down — $10,850 — but adds mortgage insurance of roughly $212/month, bringing total FHA payments to $2,507/month.
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