88005, Las Cruces, NM

Las Cruces, NM is located in the southernmost part of the state and has a population of approximately 106,000 people. The median home value in Las Cruces is $137,500 and the median home equity is $111,200. Home prices have been increasing steadily since 2007 and are now at their highest point since 2006. In addition to being one of the most affordable places to live in New Mexico, Las Cruces also has a low unemployment rate and a high level of education attainment.

The Las Cruces metro area has seen steady growth over the past few years due to its strong economy and low unemployment rate. The metro area had an unemployment rate of 3.5% as of May 2016 which is lower than both Albuquerque (4%) and Santa Fe (5%). In addition to its strong economy, Las Cruces also has a high level of education attainment with over 60% of residents having at least some college experience. This high level of education attainment leads to high demand for housing which in turn drives up home prices.

One reason that home prices have been increasing so rapidly in Las Cruces is that there are relatively few homes available for sale compared to other areas of the country. Over the past year there have been an average of only 2 homes available for sale per day which has led to very high home prices. In addition, there are relatively few homes available that are priced below $150,000 which makes it difficult for people who do not qualify for a mortgage or who want to buy a smaller home to find an affordable option.

Despite being one of the most expensive places to live in New Mexico, Las Cruces does not have any major cities nearby that would be able to absorb all the new residents if they were to move into town. As such, it is likely that many people who move into Las Cruces will stay here permanently because they find it affordable and desirable compared to other areas within driving distance.