Mortgage payment estimates, closing cost breakdowns, and homebuying data for Clovis, New Mexico.
Median Home Price
$185K
Population
39K
Avg Monthly Rent
$880
Property Tax Rate
0.8% *
* Property tax shown is the New Mexico state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Clovis.
Clovis vs New Mexico Median
The median home price in Clovis is $185,000, which is 34% below the New Mexico state median of $280,000.
Mortgage Calculator — Clovis, NM
Pre-filled with Clovis median home price and New Mexico tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $185K home using New Mexico's 0.8% tax rate and $1,900/yr insurance.
5% Down
$1,495/mo
Down: $9,250
Loan: $176K
P&I: $1,111
Tax: $123
Insurance: $158
PMI: $103
10% Down
$1,431/mo
Down: $18,500
Loan: $167K
P&I: $1,052
Tax: $123
Insurance: $158
PMI: $97
20% Down (No PMI)
$1,217/mo
Down: $37,000
Loan: $148K
P&I: $935
Tax: $123
Insurance: $158
Income needed (28% rule): $52K/year with 20% down, $61K/year with 10% down.
Rent vs Buy in Clovis
Rent
$880/mo
vs
Buy (10% down)
$1,431/mo
Price-to-rent ratio: 17.5 — A ratio between 15-20 means the rent vs buy decision in Clovis depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Clovis is $185,000, 34% below the New Mexico state median of $280,000. With a population of 38,721, Clovis is a smaller market where home prices tend to be more accessible than in many parts of New Mexico.
Property taxes in New Mexico average 0.8% annually. This moderate property tax rate means a $185,000 home in Clovis would carry roughly $123/month in property taxes. Homeowners insurance in New Mexico runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Clovis is $880/month. The price-to-rent ratio in Clovis is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Clovis offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New Mexico's MFA First Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Clovis.