Rent vs Buy in Santa Fe, NM
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Santa Fe, NM
Price-to-rent ratio is 30.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,627/mo; owning runs about $4,384/mo — $2,757/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $3,111 |
| Property tax | $539 |
| Home insurance | $245 |
| Maintenance | $490 |
| Total to own | $4,384 |
| Average 2BR rent | $1,627 |
Based on a median home value of $587,554 with a $117,511 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.