Quick facts: Artesia, NM

Quick Facts

96.1
Cost of Living
below US average
12,381
Population
28.75
Crime Rate per 1000
above US average
$75,389
Median Income
below US average
$100,000
Median House Price
above US average
$2557.06
Average Rent
above US average
12%
Poverty Rate
above US average
4.5%
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 $75,389.

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Income Needed to Buy

βœ“ Affordable
$31k/year
Based on $100,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($75,389) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$110k/year
Based on $2557.06/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $110k vs median $75,389
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Artesia, NM

Artesia, located in southeastern New Mexico, is a small city known for its rich history and strong community spirit. With a population of around 11,000, it serves as a hub for the surrounding oil and gas industry, contributing significantly to its economy. The town is recognized for its charming downtown area, which features a blend of local shops, restaurants, and cultural attractions. Artesia is home to several notable sites, including the New Mexico Military Institute, which brings a unique educational element to the area. The city's commitment to the arts is showcased through the Artesia Arts Council, which organizes events and promotes local talent. Outdoor enthusiasts can enjoy the nearby Bottomless Lakes State Park, offering opportunities for swimming, fishing, and hiking in picturesque settings. The city also hosts numerous festivals throughout the year, celebrating its heritage and fostering community engagement. With a friendly atmosphere, a supportive community, and a variety of recreational activities, Artesia is a welcoming place for residents and visitors alike.

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