Quick facts: Albuquerque, NM

Quick Facts

98.5
Cost of Living
below US average
561,008
Population
61.71
Crime Rate per 1000
above US average
$61,503
Median Income
below US average
$285,340
Median House Price
above US average
$1256
Average Rent
below US average
16%
Poverty Rate
above US average
4.3%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $61,503.

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Income Needed to Buy

βœ— Stretch
$90k/year
Based on $285,340 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $90k vs median $61,503
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Income Needed to Rent

βœ“ Affordable
$54k/year
Based on $1256/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($61,503) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Albuquerque, NM

Albuquerque, New Mexico, is the largest city in the state and serves as its cultural and economic hub. Nestled in the high desert at the foothills of the Sandia Mountains, Albuquerque offers a unique blend of Native American and Hispanic cultures, evidenced in its architecture, cuisine, and local traditions. The city is known for its beautiful landscapes, with the Rio Grande River flowing through it, and its striking views of the Sandia Mountains, especially during sunrise and sunset when they reflect vibrant colors. Albuquerque hosts the annual International Balloon Fiesta, attracting visitors worldwide to witness a spectacular display of hot air balloons. Culturally, the city is rich with museums, theaters, and historic sites, including Old Town, which features adobe buildings dating back to the 18th century. The local cuisine, heavily influenced by New Mexican flavors, is famous for its use of chile peppers. With a growing technology sector and numerous universities, Albuquerque also has a dynamic economy. The city's median climate, with over 300 days of sunshine yearly, enhances its appeal for outdoor enthusiasts and those seeking a laid-back lifestyle.

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