Quick facts: Tatum, NM

Quick Facts

96.1
Cost of Living
below US average
682
Population
7.33
Crime Rate per 1000
below US average
$46,477
Median Income
below US average
$25,000
Median House Price
above US average
$1486
Average Rent
above US average
10%
Poverty Rate
below US average
5.0%
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 $46,477.

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Income Needed to Buy

βœ“ Affordable
$8k/year
Based on $25,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($46,477) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$64k/year
Based on $1486/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $64k vs median $46,477
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Tatum, NM

Tatum is a small village located in Lea County, New Mexico, with a population of around 800 residents. Nestled in the southeastern part of the state, Tatum is part of the larger Permian Basin, an area known for its rich oil and gas resources. The village has a tight-knit community feel, characterized by its friendly atmosphere and local events. The economy of Tatum primarily revolves around agriculture and energy. The surrounding region supports farming, cattle ranching, as well as oil production, which is a vital economic driver. Outdoor enthusiasts can enjoy the nearby recreational opportunities, including hiking and wildlife watching in the picturesque New Mexico landscape. The village also features local amenities such as shops, schools, and parks, making it a convenient place for families. Overall, Tatum reflects the charm of rural New Mexico, offering a peaceful lifestyle away from the hustle of larger cities while still being a part of a dynamic economic region.

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