New Mexico is the fifth-largest state by area, with a population of 2,096,829 (U.S. Census Bureau, July 1, 2019). Throughout history, there have been important milestones that helped shape New Mexico. New Mexico started as a Spanish colony during the 1500s when Francisco Vasquez de Coronado was exploring New Mexico in search of the Seven Golden Cities of Cibola. Eventually, the entire state of New Mexico became a U.S. territory under the Treaty of Guadalupe Hidalgo and the Gadsden Purchase of 1854. During World War II, the U.S. government used New Mexico as grounds for weapons testing, including the first atomic bomb.
Today, New Mexico's economy has a GDP of $101 billion (Bureau of Economic Analysis, July 1, 2018), which is driven by these top industries: healthcare, retail, accommodation and food services, educational services, and public administration. Many of the leading companies have their headquarters in New Mexico, including Sandia National Laboratories, Los Alamos National Laboratory, and Ernest Health, to name a few.
The most recognized cities in New Mexico are Albuquerque, Santa Fe, and Las Cruces.
Albuquerque can be found near central New Mexico and has a population of 556,718. Albuquerque is home to the Petroglyph National Monument, Sandia Peak Tramway, and ABQ BioPark Zoo. Over the last ten years, Albuquerque's housing market has appreciated by 1.01% annually. When compared to the rest of the nation, Albuquerque's housing prices are slightly higher, with the median home price of $188,500 and a median rent of $833.
Santa Fe is the capital city of New Mexico and has a population of 82,980. Santa Fe is home to the Georgia O'Keeffe Museum and Santa Fe Plaza. Over the last ten years, Santa Fe's housing market has appreciated by 1.38% annually. When compared to the rest of the country, Santa Fe's housing prices are substantially more, with the median home price of $265,000 and a median rent of $1,004.
Las Cruces is located in southern New Mexico and has a population of 101,014. Las Cruces is home to the New Mexico Farm and Ranch Heritage Museum, Dripping Springs National Area, and Mesilla Valley Bosque State Park. Over the last ten years, Las Cruces' housing market has depreciated by 1.13%. When compared to the rest of the nation, Las Cruces' housing prices are more affordable, with the median home price of $150,000 and a median rent of $770.