New Mexico · 275th largest metro area

Buying a home in Santa Fe, New Mexico

In Santa Fe, the median value of owner-occupied homes is $444,900, Santa Fe County's effective property tax rate is 0.48%, and a purchase mortgage carried a median $6,209 in total loan costs in 2025.

Data as of : Census ACS 2020-2024, Census Vintage 2024, HMDA 2025, HUD FY 2027. Sources

Santa Fe home costs, fact by fact

About Santa Fe

Santa Fe is the first-named place in the Santa Fe, NM metro area, which ranks 275th in the country. Median gross rent is $1,463 a month.

Reading the Santa Fe figures

Santa Fe is the only city in this comparison where owners' estimates rise above the New Mexico median: $444,900 against $293,400. Rio Rancho reads $310,200, Albuquerque shows $291,500 and Las Cruces shows $231,700, so the gap to the other cities named here is wide. The low county rate of 0.48% still produces annual property tax of $2,152, because the county's median home is valued at $446,300; the bill tracks the high value base rather than the rate. A buyer comparing cities should read both the rate and the value together, because a low rate on a high value can still leave a noticeable annual bill.

Renting looks different. Santa Fe's median gross rent of $1,463 sits below Rio Rancho's $1,514 and under HUD's Fair Market Rent benchmark of $1,735, a federal reference and not a market median. Las Cruces rents run lower at $974 a month, while Albuquerque reads $1,145. Owners occupy 63.6% of homes, below Rio Rancho's 82.2% yet above Albuquerque's 61.8%. Santa Fe County's 2025 filings list 1,103 loans, with a typical origination outlay of $6,209 and an interquartile range from $4,197 to $9,956.

Calculate for New Mexico

If you buy

New Mexico state transfer tax

New Mexico has no real estate transfer tax. Change the price: the amount is recalculated instantly.

Price$293,400
State transfer tax$0
Share of the price—

Default price: the New Mexico median value of owner-occupied homes, $293,400 (Census ACS 2025). Rule: No tax is calculated on the price. A 2022 transfer tax bill (H.B. 158) died. Who pays: No transfer tax to assign. Buyers pay recording fees for the deed and mortgage; the sources do not assign them by law. Not included: county and city transfer taxes, recording fees, title insurance and lender charges. New Mexico transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: New Mexico state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

Questions about buying a home in Santa Fe

How much is property tax in Santa Fe?

Homeowners in Santa Fe County pay a median $2,152 a year in property tax, 0.48% of the county median home value of $446,300 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Santa Fe?

Home-purchase mortgages in Santa Fe County carried median total loan costs of $6,209 in 2025; half of the 1,103 loans fell between $4,197 and $9,956 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Santa Fe?

New Mexico does not tax the transfer of a home in the sources read. The Bernalillo County Clerk records a deed for $25 per document with no tax line, and a homeowner's sale of their own home is exempt from gross receipts tax as an isolated or occasional sale.

Is it cheaper to rent or buy in Santa Fe?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Santa Fe ($444,900) equals 25.3 years of the median gross rent ($1,463 a month), both from Census ACS 2020-2024.

Run your own numbers: rent vs buy calculator · closing costs calculator.

New Mexico rules that apply in Santa Fe

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Sources

New Mexico · All states · Federal guides