New Mexico in on a list as one of the cheapest states in the country in which to live, with an average home value of nearly $303,000.
The list was compiled by the Laguna Niguel, California-based Norada Real Estate Investments, which notes that the Land of Enchantment not only has a “low cost of living and access to outdoor activities such as hiking, skiing, and hot springs,” but also that it is the home to “several top-rated universities.”
Earlier this spring, Norada noted that while Albuquerque has remained a hot market, its “housing supply is limited,” contributing to an increase in property prices in recent years.
At the same time, the company said the city’s median home price of $335,000 “remains 19% lower than the national average, presenting an attractive proposition for potential buyers seeking affordability without compromising on quality.”
Norada was equally upbeat on real estate prospects in Santa Fe, noting in a June report that the median home price in the state’s capital city is just under $800,000, with a supply of homes exceeding the current demand, “offering prospective buyers ample opportunities to explore their options and negotiate favorable terms.”
The company’s overall take on New Mexico places it as the least expensive state in the West, below Colorado with an average home price of just under $540,000; Arizona at $451,500; and Texas at $340,000.
Most expensive state on the list: Hawaii, with a median price of $834, 532. Least expensive: West Virginia, at $163,443.
Five of the ten cheapest states to buy a home were located in the South, with Mississippi just below $180,000; Louisiana at $202,400; Arkansas at $206,394; and Alabama at $228,441.
By Garry Boulard
