Study: New Mexico Housing Increasingly Unaffordable – NMP Skip to main content

Study: New Mexico Housing Increasingly Unaffordable

Jun 06, 2016
New Mexico’s state logo is “The Land of Enchantment,” but new information would suggest “The Land of Unaffordable Housing” would also be appropriate

New Mexico’s state logo is “The Land of Enchantment,” but new information would suggest “The Land of Unaffordable Housing” would also be appropriate.

According to an Albuquerque Journal report, an analysis of recent National Low Income Housing Coalition by the New Mexico Coalition to End Homelessness has concluded that New Mexico residents only earning the state’s $7.50 per hour minimum wage are unable to secure affordable rental units in the local housing markets. Fair market rent for a two-bedroom apartment that meets U.S. Department of Housing & Urban Development (HUD) quality standards for affordable housing averages at $835 per month; in Bernalillo County, which is home to Albuquerque, the average is $941 per month. A 2015 report from New Mexico Voices for Children determined there were more than 95,000 people in New Mexico who were over the age of 20 and in the minimum wage workforce, with most being heads of households and more than one-third having one or more children.

“What the study tells us is that there is no county anywhere in New Mexico where a 40-hour-a-week minimum wage job gets you any kind of decent housing,” said Hank Hughes, executive director of the New Mexico Coalition to End Homelessness. “Obviously the minimum wage needs to be higher, probably at least $15 an hour, which gets us close, but we also need more subsidized housing for people who live on fixed incomes and people with disabilities, because a raise in the minimum wage doesn’t really help them [because they are usually not working].” 

About the author
Published
Jun 06, 2016
Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Oct 02, 2026
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Oct 01, 2026
Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Sep 29, 2026
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Sep 25, 2026
Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Sep 25, 2026
Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Sep 23, 2026