Rent to Own properties in New Mexico offer a good alternative to traditional home buying, particularly because home prices and market metrics have tilted into buyers’ favor in the last few years. After a slight dip in appreciation year-over-year in 2014, values are expected to start growing slowly, meaning now is a great time to lock in a property. If you are one of those people who like to try things out before you make a purchase commitment, you can lease the home to see how it fits you.
Beauty in the DesertNew Mexico is home numerous incredibly beautiful vistas, aptly earning its nickname the Land of Enchantment. Deeply rooted in Southwest traditions, New Mexico is home to the type of turquoise and green chiles desert living you've come to love, but with a twist. A relatively unknown industry in the desert paradise is film and television in which many Hollywood productions are filmed at Santa Fe Studios, one of the largest sound stages in the nation. Santa Fe and nearby Taos are hubs of arts and culture, as well as new age spirituality. Major industries in the Land of Enchantment include film and television, oil and gas, tourism, and mining. Population growth averages at about -0.6 percent annually. Job growth in Nebraska continues at -0.1 percent and unemployment sits at 6 percent. For average income, the median household income is $34,133 and the median family income is $39,425 annually.
Santa Fe/Taos, NM. Source: BackroadsThe Real Estate Picture in New Mexico
Property values in New Mexico are very much in line with the average prices across the nation, making them within range for most middle income buyers. As of March 2015, the average home value in New Mexico was $163,100. Some of the most popular metro areas in New Mexico are Albuquerque, Santa Fe, Taos, Las Cruces, and Rio Rancho.
Education Primary and secondary school rankings are mostly mixed throughout the New Mexico with the best schools concentrated near the major metro areas. New Mexico has notable universities that include the University of New Mexico, New Mexico State University, New Mexico Institute of Mining and Technology, Eastern New Mexico University, and Western New Mexico University.
New Mexico is a large and economically diverse state, and differences in crime between urban, suburban, and rural area can be profound. According to Neighborhood Scout, violent crime rates affect 6.13 citizens out of 1,000 residents, above the 3.8 per 1,000 residents national average. Property crime affects 37.05 per 1,000 residents and is above the 27.3 national average.
Sangre de Cristo, Santa Fe, NM. Via TripAdvisorCulture and Entertainment
New Mexico has many cool points of interest for residents including Roswell, White Sands National Monument, Carlsbad Caverns National Park, Petroglyph National Monument, and the National Museum of Nuclear Science and History. New Mexico retains much of its older heritage in remaining a diverse community with influences from local Native American tribes. Doing outdoor activities spurs the tourism in the state forward, and you will get most of the seasons while living here.