How Much Home You Can Buy for $200k in New Mexico
With home prices declining for over six months, some U.S. housing market conditions have shifted to favor buyers. Still, other conditions stack up against homebuyers, particularly mortgage rates. As inflation began to surge, the Federal Reserve raised interest rates nine times in 12 months in an attempt to stem rising prices. The cumulative 475 basis points Fed rate hike sent mortgage rates soaring, forcing many homebuyers to reevaluate their budgets and consider exactly how much house they can afford.
Since September 2022, the average interest rate on a 30-year fixed rate mortgage has been above 6%, the highest it has been in nearly a decade and a half. With historically high borrowing costs, many homebuyers are seeking more affordable markets. And in some parts of the country, a relatively modest housing budget goes a lot further than in others.
According to data from the Federal Reserve Bank of St. Louis, the median list price for a home in New Mexico was about $188 per square foot as of March 2023. Based on price per square foot, a homebuyer with a $200,000 budget can afford a 1,064 square foot home, the 21st largest of any state. A year earlier, the size of a $200,000 home in the state was 12.2% bigger than it is today.
Based on data from the U.S. Census Bureau’s 2021 American Community Survey, the typical home in New Mexico is worth $214,000, compared to the national median home value of $281,400.
RankStateApprox. sq. ft. of a $200k home, March 2023Median home list price per sq. ft., March 2023 ($)Approx. 1 yr. change in size of a $200k home (%)Median home value ($)1West Virginia1,600125-13.6143,2002Mississippi1,515132-12.1145,6003Ohio1,493134-7.5180,2004Indiana1,351148-8.1182,4004Arkansas1,351148-15.5162,3006Louisiana1,316152-5.3192,8006North Dakota1,316152-10.5224,4008Kansas1,290155-18.7183,8009Kentucky1,282156-9.6173,30010Alabama1,274157-10.8172,80011Oklahoma1,250160-16.3168,50012Missouri1,235162-7.4198,30013Michigan1,220164-4.3199,10014Illinois1,163172-0.6231,50014Pennsylvania1,163172-2.3222,30016Nebraska1,143175-12.6204,90017Georgia1,111180-3.3249,70017Iowa1,111180-10.6174,40019Wyoming1,099182-12.1266,40020Texas1,081185-4.9237,40021New Mexico1,064188-12.2214,00022South Carolina1,058189-8.5213,50023Wisconsin1,026195-9.7230,70024South Dakota1,010198-9.6219,90025Minnesota980204-14.2285,40026North Carolina966207-2.9236,90027Virginia952210-4.3330,60028Maryland913219-4.1370,80028Tennessee913219-8.2235,20030Delaware893224-6.7300,50031Vermont855234-10.3271,50032Alaska851235-7.7304,90033Utah8032494.0421,70033Maine803249-12.9252,10035Nevada7872543.1373,00036Connecticut775258-3.9311,50037Arizona7632620.8336,30038Idaho7552659.4369,30039New Jersey746268-1.5389,80040Florida727275-1.8290,70041Colorado699286-1.4466,20041New Hampshire699286-10.8345,20043Oregon6623022.0422,70044Washington6313172.5485,70045Montana629318-7.2322,80046Rhode Island625320-7.8348,10047New York5243821.8368,80048Massachusetts498402-0.2480,60049California4614344.6648,10050Hawaii3006664.7722,500
