Suppose real estate is the most significant investment a majority of people make in their lifetime. In that case, it’s best to understand the places in New Mexico with best potential return on investment.
After working in real estate adjacent roles for over a decade, I had the hypothesis that the best place to buy for a return on investment would be up-and-coming cities. Smaller cities where crime might be high now, but people still move to.
To test my hypothesis, we are going to look at places in New Mexico that are growing faster than average, but where home prices are below average, and crime rates are higher than average.
In everyday terms, these might be “deals”. The best deal in New Mexico at the moment according to Saturday Night Science? That would be Tucumcari.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Best Places To Buy A Home In New Mexico For 2024
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more New Mexico reading:
- Best Counties To Live In New Mexico
- Best Places To Raise A Family In New Mexico
- Best Places To Retire In New Mexico
The 10 Best Cities To Buy A House In New Mexico For 2024
/10
Population: 5,206
Median Home Price: $75,709
Population Change: -0.3%
Home Price Change: 5.0%
More on Tucumcari: Data | Real Estate
/10
Population: 6,030
Median Home Price: $137,945
Population Change: -0.8%
Home Price Change: -0.4%
More on Truth Or Consequences: Data | Crime | Cost Of Living | Real Estate
/10
Population: 6,458
Median Home Price: $454,642
Population Change: -1.0%
Home Price Change: -6.9%
More on Taos: Data | Crime | Cost Of Living | Real Estate
/10
Population: 6,046
Median Home Price: $138,410
Population Change: -0.6%
Home Price Change: -1.7%
More on Raton: Data | Crime | Cost Of Living | Real Estate
/10
Population: 6,113
Median Home Price: $348,936
Population Change: 0.1%
Home Price Change: 1.6%
More on Edgewood: Data | Crime | Cost Of Living | Real Estate
/10
Population: 5,894
Median Home Price: $621,423
Population Change: -0.2%
Home Price Change: 3.8%
More on Los Ranchos De Albuquerque: Data | Cost Of Living | Real Estate
/10
Population: 6,214
Median Home Price: $226,721
Population Change: -1.1%
Home Price Change: 2.6%
More on Aztec: Data | Crime | Cost Of Living | Real Estate
/10
Population: 7,367
Median Home Price: $244,505
Population Change: -0.1%
Home Price Change: 2.3%
More on Belen: Data | Crime | Cost Of Living | Real Estate
/10
Population: 7,430
Median Home Price: $205,766
Population Change: -1.1%
Home Price Change: -1.8%
More on Bloomfield: Data | Crime | Cost Of Living | Real Estate
/10
Population: 7,696
Median Home Price: $317,739
Population Change: 0.8%
Home Price Change: 1.8%
More on Ruidoso: Data | Crime | Cost Of Living | Real Estate
Methodology: How do you determine the best places to buy a home in New Mexico for 2024?
We were in real estate for almost five years and have worked on this site for another 9. Suffice it to say we’ve put a lot of thought into finding an excellent place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in New Mexico. Put differently, the analysis will try to find places in New Mexico with undervalued homes relative to pent-up demand using Saturday Night Science.
To do that, we looked at the most recent American Community Survey Census data for 2018-2022 and compared it to the previous vintage. Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for New Mexico with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that, and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in New Mexico, only 34 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 34 for the above criteria, with 1 being the best. We averaged the rankings to create a “best place to buy” index, with the place having the lowest index being the best.
Turns out that Tucumcari is the best potential gem in the not-so-rough in the Land of Enchantment.
Summary: The Best Places To Purchase A House In New Mexico for 2024
There’s our analysis of the best places to buy a house in New Mexico. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
The best cities to buy a house in New Mexico are Tucumcari, Truth or Consequences, Taos, Raton, Edgewood, Los Ranchos de Albuquerque, Aztec, Belen, Bloomfield, and Ruidoso.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more New Mexico reading, check out:
Best Places To Buy A Home In New Mexico
| Rank | City | Population | Median Home Price | Population Change | Home Price Increase |
|---|---|---|---|---|---|
| 1 | Tucumcari | 5,206 | $75,709 | -0.3% | 5.0% |
| 2 | Truth Or Consequences | 6,030 | $137,945 | -0.8% | -0.4% |
| 3 | Taos | 6,458 | $454,642 | -1.0% | -6.9% |
| 4 | Raton | 6,046 | $138,410 | -0.6% | -1.7% |
| 5 | Edgewood | 6,113 | $348,936 | 0.1% | 1.6% |
| 6 | Los Ranchos De Albuquerque | 5,894 | $621,423 | -0.2% | 3.8% |
| 7 | Aztec | 6,214 | $226,721 | -1.1% | 2.6% |
| 8 | Belen | 7,367 | $244,505 | -0.1% | 2.3% |
| 9 | Bloomfield | 7,430 | $205,766 | -1.1% | -1.8% |
| 10 | Ruidoso | 7,696 | $317,739 | 0.8% | 1.8% |
| 11 | Socorro | 8,605 | $171,400 | 0.6% | -2.4% |
| 12 | Corrales | 8,495 | $668,575 | 0.1% | 4.6% |
| 13 | Grants | 9,177 | $159,642 | -0.3% | 2.6% |
| 14 | Anthony | 8,708 | $218,443 | -0.5% | 9.8% |
| 15 | Silver City | 9,650 | $220,801 | -0.5% | -1.0% |
| 16 | Bernalillo | 9,286 | $312,259 | 2.6% | 4.1% |
| 17 | Lovington | 11,495 | $146,559 | -0.1% | -11.0% |
| 18 | Portales | 12,085 | $130,829 | -0.5% | 1.1% |
| 19 | Artesia | 12,632 | $204,195 | -0.0% | -3.9% |
| 20 | Las Vegas | 13,194 | $186,356 | -0.4% | -3.2% |
| 21 | Deming | 14,756 | $130,288 | 0.2% | -8.3% |
| 22 | Los Lunas | 17,452 | $298,049 | 2.2% | 3.0% |
| 23 | Sunland Park | 16,773 | $211,033 | 1.7% | 14.2% |
| 24 | Gallup | 21,672 | $194,750 | -1.0% | 0.7% |
| 25 | Carlsbad | 31,755 | $201,720 | 0.7% | -4.6% |
| 26 | Alamogordo | 30,996 | $200,708 | -0.7% | 4.8% |
| 27 | Hobbs | 39,782 | $173,086 | 0.8% | -5.4% |
| 28 | Clovis | 38,453 | $156,608 | -0.1% | -0.7% |
| 29 | Farmington | 46,457 | $236,143 | -0.5% | 7.3% |
| 30 | Roswell | 48,035 | $140,780 | -0.6% | -6.3% |
| 31 | Santa Fe | 87,617 | $571,512 | 0.8% | 2.4% |
| 32 | Rio Rancho | 104,351 | $328,616 | 1.9% | 3.7% |
| 33 | Las Cruces | 111,273 | $281,919 | 1.2% | 7.8% |
| 34 | Albuquerque | 562,551 | $321,089 | 0.0% | 5.2% |