What is the homeownership rate in New Mexico?
Data updated July 26, 2024
About 70.3% in 2023. This means about 5 in 7 households owned their home while the remainder rented.
Showing data for
In 2023,
70.3%
of New Mexico households owned their home
In 2023,
5 in 7
New Mexico households owned their home
According to the Census Bureau, understanding homeownership rates can help determine if people’s needs are met by available housing and can inform policy and funding decisions. The New Mexico homeownership rate in 2023 was 4.4 percentage points higher than the US homeownership rate overall.
New Mexico's homeownership rate in 2023 was 4.4 percentage points higher than the US.
During the housing bubble of the mid-2000s, homeownership rates rose to a peak of 69% in 2004. When the housing bubble popped in 2007 and the Great Recession started, foreclosures increased and there was a shift from owning to renting: the homeownership rate declined through 2016, when it bottomed out at 63.4%. It then began to increase.
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Homeownership rates don’t just shift over time — they also vary across places for many reasons, including economic conditions and demographic characteristics.
Across metro areas, the average homeownership rate was 67.2% in 2022.
In 2022, the average homeownership rate across metro areas was 67.2%. The metro areas with the highest and lowest homeownership rates were The Villages, Florida, at 89% (highest) and Los Angeles at 47.9% (lowest). In New Mexico, the rate was highest in Farmington, NM, (71.9%) and lowest in Las Cruces, NM (66.5%).
Homeownership rate, New Mexico metro areas (2022)
| 1. | Farmington, NM Farmington, NM Metro Area | 71.9% |
| 2. | Albuquerque, NM Albuquerque, NM Metro Area | 71.2% |
| 3. | Santa Fe, NM Santa Fe, NM Metro Area | 69.7% |
| 4. | Las Cruces, NM Las Cruces, NM Metro Area | 66.5% |
