Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Nevada and New Mexico. Updated for 2026.
Metric
Nevada
New Mexico
Median Home Price
$425K
$280K
Property Tax Rate
0.53%
0.8%
Avg Closing Costs
$6K
$4K
Closing Cost %
1.5%
1.4%
Transfer Tax
0.52%
None
Homeowners Insurance
$1,700/yr
$1,900/yr
First-Time Buyer Program
Home Is Possible DPA
Up to 5% forgivable grant
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 Nevada. Both states offer first-time buyer programs — explore the state pages for full details.