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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 Truth or Consequences according to our analysis.
Here's a look at the top ten places to buy a home in new mexico for 2020:
- Truth or Consequences (Photos | Homes For Sale)
- Taos (Photos | Homes For Sale)
- Edgewood (Photos | Homes For Sale)
- Los Ranchos de Albuquerque (Photos | Homes For Sale)
- Raton (Photos | Homes For Sale)
- Aztec (Photos | Homes For Sale)
- Belen (Photos | Homes For Sale)
- Ruidoso (Photos | Homes For Sale)
- Bloomfield (Photos | Homes For Sale)
- Corrales (Photos | Homes For Sale)
What's the best place to buy a home in New Mexico for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
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
The 10 Best Cities To Buy A House In New Mexico For 2020
The first bath in the area was built at "John Cross Ranch" over Geronimo Springs in the late 1800s. However, major settlement did not begin until the construction of Elephant Butte Dam and Reservoir in 1912; the dam was completed in 1916. Elephant Butte Dam was a part of the Rio Grande Project, an early large-scale irrigation effort authorized under the Reclamation Act of 1902. In 1916, the town was incorporated as Hot Springs. It became the Sierra County seat in 1937.
The Taos Pueblo, which borders the town of Taos on its north side, has been occupied for nearly a millennium. It is estimated that the pueblo was built between 1000 and 1450A.D., with some later expansion, and the pueblo is considered to be one of the oldest continuously inhabited communities in the United States.
Ratn is the Spanish term for "mouse". The Raton Range and Raton Peak are located immediately north of the town. The Raton Range is a 75-mile-long ridge that extends east from the Sangre de Cristo Mountains. Raton Pass and the Raton Basin are also named for the Raton Range.
Belen was founded in 1740 as Nuestra Seora de Beln by a group of Spanish colonists led by Diego Torres and Antonio Salazar, who received permission to settle the tract of land known as the Belen Grant the year before. Recognizing the strategic significance of Belen, Spanish authorities established a fort in Belen to protect the settlements along the Rio Grande in 1760. By the 1790s, Belen had established a city center known as Plaza Vieja, or Old Town, and had grown from a paraje, or precinct, to a partido, or district, with a population of 1,695. By 1793, a Catholic church and parish was founded.
In December 2006, 7% of eligible voters approved a $12.6million bond issue to finance the expansion and modernization of the local wastewater treatment plant which was built in 1982. In 2011, construction was completed on a $36 million wastewater treatment plant. This state-of-the-art facility utilizes membrane technology to achieve discharge standards within regulatory guidelines. The plant was designed to accommodate future growth. The average daily volume is 1.6 million gallons. The plant can currently process up to 2.7 million gallons per day.
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.
The village was selected as #19 in CNN Money's list of the 100 best places to live in 2007.
How do you determine the best places to buy a home in new mexico for 2020?
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 2014-2018 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 0 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. You can download the data here.
Turns out that Truth or Consequences is the best potential gem in the not-so-rough in the Land of Enchantment.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In new mexico for 2020
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.
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
|Truth Or Consequences||1|
|Los Ranchos De Albuquerque||4|