At the news conference, Housing New Mexico officials also reported on the findings of the state’s most recent housing needs assessment and outlined how $84.6 million in state funding will be allocated to address those needs. The New Mexico Housing Needs Assessment is a comprehensive annual report produced by Housing New Mexico. It comprises an array of housing indicators describing affordable housing needs in the state. Key findings from the 2024 report for New Mexico include: • The homeownership rate is 70.9%. • The median household income is $58,722. • 43.2% of households earn less than $50,000 annually. • From 2018 to 2022, the median home sale price increased 53% (from $200,000 to $306,000). • Currently, the median price of a home sold in New Mexico is $353,000 (9.2% increase from 2023). • Median monthly gross rent in 2022 was $966, an increase of 7.7% from 2021 and an increase of 16.7% in 2018. • Single-family detached homes comprise the majority of the housing stock (65.7%). • 43.9% of renters and 28.4% of homeowners are cost-burdened, meaning these households pay more than 30% of their income for housing costs, including insurance and utilities. • 43.2% of houses were built prior to 1980. • The number of homeless individuals increased by 50% from 2022 to 2023. Scan the QR code to view the full report. https://housingnm.org/resources/ housing-needs-assessment “The housing needs assessment findings provide us with a reality of what the affordable housing necessities are in our state,” said Hernandez. “Along with our partners, we have assisted over 500,000 families across the housing spectrum for close to 50 years. By signing House Bill 2 earlier this year, Gov. Michelle Lujan Grisham appropriated $50 million to support the New Mexico Housing Trust Fund. This funding allows us to continue our pursuit to do even more to help New Mexicans get into safe, affordable homes.” At its May and June meetings, the Housing New Mexico Board of Directors approved the $50 million allocation, along with the $34.6 million in state fiscal year 2025 severance tax bond funding as follows: • $20 million to build homeownership and wealth. • $26.62 million to create more housing. • $10 million to preserve existing affordable housing. • $1 million to create stable housing environments. • $27 million reserved for the above activities based on demand. “Whether it’s building homeownership and wealth, creating more housing, preserving existing affordable housing or creating stable housing environments, our efforts and programs directly align with the key findings in the housing needs assessment report,” said Hernandez. “I appreciate our board of directors, the governor and legislators for their support and funding for these much-needed programs in our state.” To learn about all of Housing New Mexico’s programs and funding opportunities, visit housingnm.org. At a news conference on July 24, 2024, New Mexico Mortgage Finance Authority Executive Director/CEO Isidoro Hernandez (left) announced a new brand — Housing New Mexico. He also reported on the findings of the state’s most recent housing needs assessment and outlined how $84.6 million in state funding will be allocated to address those needs. Waterstone Mortgage Loan Officer John Gabaldon (center) and San Felipe Pueblo Housing Authority Executive Director Isaac Perez (right) spoke about their partnerships with Housing New Mexico. (Photo courtesy of New Mexico Mortgage Finance Authority) 20
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