Thinking about moving to Albuquerque? You’re not alone—this city of over 560,000 is experiencing a boom, thanks in large part to its pleasant weather, interesting culture and wondrous natural beauty. With all these benefits, it begs the question how much money do you need to live comfortably in Albuquerque? What may surprise you is that this city is quite affordable.
If you’re looking to purchase a single-family home and put down roots, read on to discover why it’s a smart decision to settle in Albuquerque.
- Factors that affect how much money do you need to live comfortably in Albuquerque
- A healthy job market spurs growth
- Pandemic considerations affect the market
- Affordability throughout the city
- Determining how much money you need to live comfortably in Albuquerque
Factors that affect how much money do you need to live comfortably in Albuquerque
Albuquerque is a growing city. While some major cities in the country are seeing declines in population, especially due to the global pandemic, Albuquerque enjoys a .3% 1-year growth rate. That rate is only expected to increase as out-of-state homebuyers are looking to head south and enjoy pleasant weather and sunshine. They want to do it affordably, though. The $248,000 median property value in the Albuquerque Metro area helps them do just that.
Albuquerque’s relatively low cost of living makes a comfortable lifestyle affordable for everyone. If you’re looking to gain meaningful, long-term employment, you can do it here. Folks who are looking to retire do well in Albuquerque, too. There are plenty of properties in urban and suburban areas that combine a laid-back, quiet environment with the affordability that everyone’s looking for.
With a median household income in the city sitting at just over $51,000, a great lifestyle is well within your reach.
A healthy job market spurs growth
People are moving to Albuquerque for a variety of reasons. Abundant sunshine, friendly people and stunning natural beauty are just some of the perks to life in ABQ. More importantly though, the city is experiencing a renaissance in terms of the job market.
In 2018, New Mexico as a whole saw the largest decline in unemployment in the country. Every sector of employment has experienced growth. If you need a job, you’ll have no trouble finding work in New Mexico. Albuquerque in particular is seeing an expansion of health care, education and hospitality jobs. It’s also a great city for those looking for high-paying tech jobs. In particular, it’s a top spot for women who work in the tech industry. The entertainment industry is also laying down strong foundations in ABQ, thanks to billions in recent investments from media giants like Netflix.
Pandemic considerations affect the market
The pandemic has also contributed to the influx of people into the city, with many real estate professionals throughout the area seeing a major increase in out-of-state clients. The idea of “home” has changed drastically within the past year. Since more people are working remotely, proximity to the office isn’t as much of a necessity. Residents coming into Albuquerque from out of state are doing so because the city offers all the amenities of an urban environment. But there’s also plenty of room to spread out and enjoy the New Mexico landscape and sunshine.
The influx of people to the city has impacted how much you need to live comfortably in Albuquerque. Cost of living is rising here, but not sharply. As of current figures, prices for transportation, food and housing were up 2.5% between 2020 and 2021. In spite of this increase, the overall cost of living in Albuquerque is 7.5% lower than the national average. When you consider what you get for your money—big-city amenities, natural beauty and a competitive job market—it’s clear that this region remains very affordable for people in a variety of income brackets.
Affordability throughout the city
While the city as a whole is generally affordable, there are some areas that are pricier than others. Albuquerque is an old city, and its vibrant neighborhoods near the center of the city exude the area’s unique culture, character and charm. Areas like Nob Hill and Huning Castle are buzzing with interesting things to do, including great shopping and dining. They’re affordable, too. If you’re looking to buy a house in these areas, expect to get a lot for your money with median list prices sitting well below the $300,000 mark.
Moving away from the downtown area, you find a good mix of affordable and luxury properties, depending on the area. Ventana Ranch is a great spot for families or first-time homebuyers. Median purchase price for a single-family home here is below $250,000, and you’re able to enjoy easy access to the city while maintaining a quieter, suburban lifestyle.
As with any major city, there are pockets of affordability in even the wealthiest neighborhoods. In Los Poblanos Estates, for example, you’ll notice plenty of multimillion-dollar homes sitting on multiple acres. Often, you’ll see modest, older homes right alongside these new luxury properties. People have lived in these homes for many years as wealthier developments have popped up nearby. Albuquerque is continuously growing. It’s not uncommon to see a mix of old and new, affordable and pricey, throughout the city. People of all incomes can make a home here. If you’re wondering how much money do you need to live comfortably in Albuquerque, the answer really depends upon the lifestyle you want.
Determining how much money do you need to live comfortably in Albuquerque
While Albuquerque might be more expensive than it was a decade ago, it’s a sign that this dynamic city is on the rise. Though prices for the basics, including housing, food and transportation have increased here in recent years, they still sit well below the national average. That’s rare to find in a major metropolitan city, and it’s the reason why Albuquerque is experiencing such growth.
The property market is booming here—the longer you wait to make your move, the higher the price will be. Discover your new home in Albuquerque! Take advantage of all this city, and the surrounding Land of Enchantment, have to offer. Contact Myers & Myers Real Estate Inc. today to find a gem in this strong property market.
Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas. Call us if you are looking to puchase a new house. Also you can call to see how we position your home to sell at the best possible price.