Real Estate Relocation Guide To New Mexico

Relocating from Chicago to New Mexico is a major move. You’re crossing state lines and heading 1,200 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Albuquerque or Las Cruces you can get a good idea of the New Mexico landscape and locate the best area for you and your family.

We’ll start with the big picture… New Mexico has an estimated population of 1.9 million* and around 121,300 square miles of land. The total number of housing units is 850,153, of which about 505,900 are owner-occupied and 220,000 are inhabited by renters. Roughly 124,000, or 14.6 percent, of the residences in the state are vacant. The median home value in New Mexico is $141,200 and the median household income is $40,629. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of New Mexico, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what New Mexico real estate has to offer…

About 13,500 homes in New Mexico are new construction, developed in 2005 or after (another 75,100 were put up between 2000 and 2004). New Mexico has its share of vintage charm as well with 51,100 residences built prior to 1940. The total number of detached, single-family houses across the state is 540,600, and there’s also a good selection of multi-unit residences and condos. Most homes have 3 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Land of Enchantment, monthly mortgage costs in [Alabama] generally hover between $700 and 2,000.

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*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com