There’s a the age old question everyone thinks about when they decide to move to a city in New Mexico:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in New Mexico, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Land Of Enchantment.
To do that we are going to look at places in New Mexico that are growing faster than average, but where home prices are below average. In every day terms, the “deals”.
The best deal in New Mexico at the moment? That would be Bloomfield according to our analysis.
Here’s a look at the top ten places to buy a home in New Mexico for 2019:
- Bloomfield (Photos | Homes For Sale)
- Lovington (Photos | Homes For Sale)
- Hobbs (Photos | Homes For Sale)
- Carlsbad (Photos | Homes For Sale)
- Sunland Park (Photos | Homes For Sale)
- Bernalillo (Photos | Homes For Sale)
- Roswell (Photos | Homes For Sale)
- Artesia (Photos | Homes For Sale)
- Deming (Photos | Homes For Sale)
- Las Vegas (Photos | Homes For Sale)
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.
If you’re not worried about finding a deal on good places to live, check out the most expensive places to live in New Mexico and, for those of you on a budget, the cheapest places to live in New Mexico.
For more New Mexico reading, check out:
- These Are The 10 Best Counties To Live In New Mexico
- 10 Best Places To Raise A Family In New Mexico
- These Are The 10 Best Places To Retire In New Mexico
How do you determine the best places to buy a home in New Mexico for 2019?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good 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.
To do that we looked at the most recent American Community Survey Census data for 2013-2017 and compared it to the previous vintage (2012-2016). 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 417 cities and towns in New Mexico, only 33 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 33 for the criteria mentioned above with 1 being the best for that criteria. 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 Bloomfield is the best potential gem in the not-so-rough in the Land Of Enchantment.
Read on for more on these places.
In April 2007, Bloomfield attracted attention and some controversy when the city council voted unanimously to erect a stone monument of the Ten Commandments at the city hall. In August 2014, a federal judge ruled the monument must be removed.
Hobbs was founded in 1907 when the James Hobbs family established a homestead and named the settlement. In 1910 the Hobbs post office opened, with James Hobbs as the first postmaster. By 1911 there were about 25 landowners in Hobbs.
Development of southeastern New Mexico in the late 19th century was fueled by the arrival of colonies of immigrants from England, Switzerland, France, and Italy. Located along the banks of the Pecos River, Carlsbad was originally christened the town of Eddy on September 15, 1888, and organized as a municipal corporation in 1893; the settlement bore the name of Charles B. Eddy, co-owner of the Eddy-Bissell Livestock Company. With the commercial development of local mineral springs near the flume for medicinal qualities, the town later voted to change its name to Carlsbad after the famous European spa Carlsbad, Bohemia. On March 25, 1918, the growing town surpassed a population of 2,000, allowing then-governor of New Mexico Washington Ellsworth Lindsey to proclaim Carlsbad a city.
Sunland Park was formed when the unincorporated communities of Anapra, Sunland Park, and Meadow Vista voted to incorporate as Sunland Park on July 13, 1983.
In the 1620s, the wine grape was introduced to Bernalillo and the wine industry blew up. Families were making their own wine from scratch and vineyards were flourishing. Unfortunately, the market dipped due to drought and floods. Slowly over time, the wine industry came back into Bernalillo and has sustained its health today. It has even become a tradition and staple within the town of Bernalillo.
The first nonindigenous or Hispanic settlers of the area around Roswell were a group of pioneers from Missouri, who attempted to start a settlement 15 miles southwest of what is now Roswell in 1865, but were forced to abandon the site because of a lack of water. It was called Missouri Plaza. It also had many Hispanic people from Lincoln, New Mexico. John Chisum had his famous Jingle Bob Ranch about 5 miles from the center of Roswell, at South Spring Acres. At the time, it was the largest ranch in the United States.
The town assumed its present name in 1903, after the discovery of an artesian aquifer in the area; artesian wells for agriculture flourished in the area until the aquifer became significantly depleted in the 1920s. The city was officially incorporated in 1905.
The city, founded in 1881 and incorporated in 1902, was an important port of entry on the US-Mexican border until the Gadsden Purchase of 1853. A nickname was given to the city at the time of its founding, “New Chicago.” It was expected that with the surge of railroad usage, that the city would grow drastically and resemble Chicago, Illinois.
Las Vegas was established in 1835 after a group of settlers received a land grant from the Mexican government. The town was laid out in the traditional Spanish Colonial style, with a central plaza surrounded by buildings which could serve as fortifications in case of attack. Las Vegas soon prospered as a stop on the Santa Fe Trail. During the Mexican-American War in 1846, Stephen W. Kearny delivered an address at the Plaza of Las Vegas claiming New Mexico for the United States. In 1877 Las Vegas College, the precursor to Regis University, was founded in Las Vegas by a group of exiled Italian Jesuits. In 1887, Las Vegas College moved to Denver whereupon the name was changed.
There You Have It – The Best Places To Purchase A House In New Mexico for 2019
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 417 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more New Mexico reading, check out:
Detailed List Of The Best Places To Buy A Home In New Mexico
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