Income needed to buy a home
Torrance County, NM
$72,202
a year in household income to buy the typical Torrance County home with 10% down.
The monthly math
Typical home value$225,160
Down payment (10%)$22,516
Loan$202,644
Principal and interest (7.40%)$1,403/mo
Property tax (0.45% a year)$85/mo
Homeowners insurance (estimate)$113/mo
Mortgage insurance$84/mo
Total monthly cost$1,685/mo
Income needed keeps housing at 28% of gross income, the lender rule of thumb.
What locals earn
A stretch
The typical household here earns $57,842 a year, 80% of what it takes.
In New Mexico
Torrance County ranks #16 of 30 for the income a home takes, from least to most.
Easiest to afford in New Mexico
| County | Typical home | Income needed |
|---|---|---|
| Quay County | $111,921 | $36,249 |
| De Baca County | $112,013 | $36,311 |
| Hidalgo County | $112,940 | $36,329 |
| Union County | $119,082 | $37,556 |
| Roosevelt County | $150,001 | $48,915 |
Typical home value from the Zillow Home Value Index, August 2026. Rate is the Freddie Mac 30-year average for Oct 8, 2026. Property tax rate is total taxes paid divided by total home value in the county (U.S. Census, ACS 2020-2024). How it works.