California vs New Mexico: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between California and New Mexico. Updated for 2026.
Metric
California
New Mexico
Median Home Price
$785K
$280K
Property Tax Rate
0.73%
0.8%
Avg Closing Costs
$9K
$4K
Closing Cost %
1.2%
1.4%
Transfer Tax
0.11%
None
Homeowners Insurance
$2,200/yr
$1,900/yr
First-Time Buyer Program
CalHFA Dream For All
Up to 20% shared appreciation loan
MFA First Home
FIRSTDown DPA assistance
Verdict
New Mexico wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $280K and lower overall costs, New Mexico offers meaningful savings compared to California. Both states offer first-time buyer programs — explore the state pages for full details.