Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Mexico and Tennessee. Updated for 2026.
Metric
New Mexico
Tennessee
Median Home Price
$280K
$340K
Property Tax Rate
0.8%
0.56%
Avg Closing Costs
$4K
$5K
Closing Cost %
1.4%
1.5%
Transfer Tax
None
0.37%
Homeowners Insurance
$1,900/yr
$2,400/yr
First-Time Buyer Program
MFA First Home
FIRSTDown DPA assistance
THDA Great Choice Home Loan
Up to $25,000 DPA
Verdict
New Mexico wins 5 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 Tennessee. Both states offer first-time buyer programs — explore the state pages for full details.