How many households in New Mexico spend too much on housing?
Data updated July 26, 2024
About 248K in 2022. That’s 30.5% of all New Mexico households. These households spent at least 30% of their total income on rent or mortgage payments and utilities. The Department of Housing and Urban Development considers households that spend more than 30% of their income on housing to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings.
Showing data for
In 2022,
248K
households were cost burdened
In 2022,
30.5%
of households were cost burdened
The number of cost-burdened households in New Mexico increased from 239 thousand in 2012 to 248 thousand in 2022. Cost burden considers both household income and housing costs, so factors affecting either of these can influence the number of burdened households. For example:
- Changes in wages, employment status, or the number of people in a household can impact household income.
- Changes in housing supply/demand or interest rates can affect costs.
A growing or declining US population can also affect the number of cost-burdened households. To counteract this, USAFacts analyzed the percentages of cost-burdened households rather than just the number. This prevents such population changes from skewing the data.
In 2022, 30.5% of New Mexico households were cost burdened, lower than the national average of 32.5%.
In New Mexico, 30.5% of households were cost burdened in 2022.
Share of households that spent at least 30% of their income on housing
Cost burden varies for renters and homeowners. For example, during the Great Recession (2007–2009) unemployment rose, millions of homes entered foreclosure, and rental demand increased. By 2010, cost burden had increased among renters while staying flat among homeowner households.
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Since 2012, the proportion of cost-burdened owner households in New Mexico has decreased from 24.6% to 22.0% in 2022. Meanwhile, cost burden increased from 51.4% to 53.3% among renter households.
In New Mexico, 53.3% of renter and 22.0% of owner households were cost burdened in 2022.
Share of households that spent at least 30% of their income on housing
In 2018–2022, the metro areas with the highest and lowest share of cost-burdened owner households were the Los Angeles-Long Beach-Anaheim, California metro area at 33.8% (highest) and Morgantown, West Virginia, at 12.8% (lowest). In New Mexico, the highest and lowest were Santa Fe at 24.2% and Las Cruces at 20.1%.
Across metro areas, 22.7% of owner households were cost burdened.
Share of owner households that spent at least 30% of their income on housing, 2018–2022
In 2018–2022, the share of renter households in metro areas that were cost burdened, meaning they spent more than 30% of their income on rent, was 50.5%. The metro areas in the US with the highest and lowest share of cost-burdened renter households were the Greater Miami metro area at 62.6% (highest) and Appleton, Wisconsin, at 32.8% (lowest). In New Mexico, the highest and lowest were Las Cruces at 55.3% and Farmington at 44.5%.
Across metro areas, 50.5% of renter households were cost burdened.
Share of renter households that spent at least 30% of their income on housing, 2018–2022
The difference between the cost-burdened share of owner and renter households was narrowest in the Farmington, NM area, where cost burden was 22.3 percentage points higher among renters than owners, and highest in the Las Cruces, NM area where the gap was 35.2 percentage points. Within the state overall, the gap was 31.3 percentage points.
Cost-burdened households, New Mexico metro areas (2018-2022)
| 1. | Albuquerque, NM area | 51.4% |
| 2. | Farmington, NM area | 44.5% |
| 3. | Las Cruces, NM area | 55.3% |
| 4. | Santa Fe, NM area | 50.4% |
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
United States Census Bureau
American Community Survey (ACS) and American Community Survey (ACS)
