Rich heritage, historic Adobe architecture and a vibrant art community provide breathtaking scenery like the otherworldly White Sands National Park and the ancient cliff dwellings of the Bendelia National Monument. If you are considering living somewhere in New Mexico, you may also have a budget that you want to stay in searching for your home or apartment. As of April, the median home sales price for New Mexico was $357,400.
If that price doesn’t fit your budget, don’t worry. Redfin has collected seven of the most affordable locations in New Mexico. And the best part is that they all have a median home selling price of less than $357,400. Learn the cities on your list, from Roswell to Las Luces.
#1: Roswell
Median home price: $170,000
Median household income: $45,493
Nearest Major Metro: Lubbock, Texas (175 miles)
Roswell, New Mexico home sale
Roswell apartment for rent
The median home sale price is $170,000, and Roswell ranks number one on the list of affordable locations in New Mexico. This medium-sized city in the southeastern part of the state has around 48,400 residents. Living in Roswell, stop by the welcome sign in Roswell, explore downtown Roswell, check out one of the museums, including the Roswell Museum and Anderson Museum of Contemporary Art, or visit Bitter Lake National Wildlife Shelter.
#2: Clovis
Median home price: $199,250
Average rent for a 1-bedroom apartment: $1,046
Median household income: $52,983
Nearest Major Metro: Lubbock, Texas (100 miles)
Clovis, NM Home Sales
Clovis, rental apartment
The second city on our list is Clovis, home to around 37,600 residents. Located in the eastern part of the state and near the New Mexico-Texas border, Clovis is a fascinating city that we call home. At Clovis, explore Hillcrest Park Zoo, check out the Cannon AFB Visitor Center, and wander around the quaint downtown where you can find local shops and markets.
#3: Farmington
Median home price: $269,000
Average rent for a 1-bedroom apartment: $815
Median household income: $56,576
Nearest Major Metro: Albuquerque (185 miles)
Farmington Home, New Mexico for sale
Farmington, New Mexico apartments are available for rent
Farmington is coming as the next most affordable city to live in New Mexico. It is about 185 miles from Albuquerque’s closest Metro Major, but only 52 miles from Durango, Colorado. When living in the city of 46,600 people, you can spend a day at Farmington Lake, visit the Farmington Museum, learn about local history, and take a walk along the Animas River.
#4: South Valley
Median home price: $290,000
Average selling price per square foot: $209
Median household income: $44,670
Nearest Major Metro: Albuquerque (7 miles)
South Valley, New Mexico Home for Sale
Apartments in South Valley, New Mexico
The fourth on our list is the charming Albuquerque suburbs of South Valley. With approximately 37,600 residents, South Valley has many unique activities. For example, you can explore the Valle de Oro National Wildlife Reserve on over 570 acres of protected land, wildlife and trails along the Rio Grande. You can also visit Gutierrez Havel’s home, an Adobe home that dates back to the 1860s.
#5: Lasruces
Median home price: $315,000
Average rent for a 1-bedroom apartment: $1,002
Median household income: $45,140
Nearest Major Metro: Albuquerque (225 miles)
Lasluces, NM Home for Sale
Lasruces apartments for rent
The fifth is Las Luces, currently home to around 111,400 residents. The median home selling price is $315,000, about $40,000 less than the median home selling price in New Mexico. If you’re planning on moving to this affordable city, hike through Mesila Valley Bosque State Park along the Rio Grande River, explore the New Mexico Farm and Ranch Heritage Museum, and get some of the amazing southwest foods of downtown. It is also one of the best places to live in New Mexico.
#6: Hobbs
Median home price: $322,000
Average rent for a 1-bedroom apartment: $1,190
Median household income: $63,804
Nearest Major Metro: Midland, Texas (95 miles)
Hobbs, New Mexico home sale
Hobbs, New Mexico apartments
Next is Hobbs on the list of affordable places to live in New Mexico. The median home selling price is $322,000 and with around 39,300 residents, Hobbs is the perfect place to call your home in eastern New Mexico. Hobbs is home to landmarks such as the Giapark Racetrack, Lee County Events Center, Western Heritage Museum, and the Lee County Cowboy Hall of Fame. Hobbes’ charming downtown has plenty to check out, especially local cuisine.
#7: Albuquerque
Median home price: $346,000
Average selling price per square foot: $211
Average rent for a 1-bedroom apartment: $1,324
Median household income: $56,576
Nearest Major Metro: Santa Fe (65 miles)
Albuquerque, New Mexico home sales
Albuquerque, New Mexico apartments for rent
Taking the final spot is nothing but Albuquerque. With Albuquerque’s population of around 564,600 residents, explore the old town of Albuquerque, the historic centre of the city. There, find Adobe buildings, shops, galleries and restaurants, or visit the annual Albuquerque International Balloon Fiesta. You can also check out India’s Pueblo Cultural Centre, or take the Sandia Peak tram to the top of Sandia Peak to find city and desert scenery.
>>Read: Popular Albuquerque, New Mexico, Neighborhood
Methodology: Every city must have more than 35,000 residents per US census and have a median home selling price under the median home selling price for New Mexico. Median home sales prices and median sales prices per square foot from Redfin Data Center in April 2025. Average rental data from April 2025. Median household income data from the population and US Census Bureau.
