30 Year Fixed
- 3.41 %
15 Year Fixed
- 2.84 %
1-Year ARM
- 4.06 %
5/1 ARM
- 2.81 %
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Guide to New Mexico Mortgages

New Mexico

New Mexico is located in the Southwestern area of the United States and is the 5th largest state in the United States by area. New Mexico has the third highest percentage of American Indian’s inside its borders after Alaska and Oklahoma. The largest tribes represented are the Navajo and Pueblo.

The state’s total population is around 1,969,915 which make it the 36th most populated state in the nation. Its demographics are as follows; 85.85% White American; 2.85% African American; 10.99% American Indian; 1.66% Asian American; 0.20% Mixed. The economy for this state is based upon major industries such as oil and gas production, tourism and federal government spending to name a few.  New Mexico’s gross state product is estimated at $76.178 billion. The per capita personal income is estimated at $31,474 ranking it at 43rd in the nation. The tax rates range from 1.7%-4.9% and a gross receipts tax which applies to services as well as tangible goods.

The city of Alburquerque located in Bernalillo County has a population of 518,271 and exceeds most of the other cities in the state.  Las Cruces is the next largest city with 89,722 followed by Rio Rancho with 75,978.

 

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New Mexico Housing Statistics
New MexicoUSA
Total Housing780,579121,699,874
Total Urban575,07194,464,240
Total Rural205,50827,235,633
Occupied677,971110,754,106
Vacant102,60810,945,767
Owner Occupied474,44573,306,541
Renter Occupied203,52637,447,565
Vacant for Rent26,6972,745,385
Vacant for Sale10,6931,264,534
 
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