Albuquerque, NM

Rent vs buy in Albuquerque

Median home $263,500. A 1 bedrooms rents for $1,131 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,131; per month
Own the median home: $1,745; P&I, tax, insurance, upkeep
Owning costs extra: $614; per month, same metro

What a purchase actually costs

20% down payment$52,700
Mortgage at 6.5%$1,332
Property tax (0.78% of value)$171/mo · $2,055/yr
Insurance and upkeep (1.1%/yr)$242
Total monthly ownership$1,745

Census ACS 2023: 47.9% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,368 left over a month, it takes about 23 months (1.9 years) to save $52,700 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.