Mortgage payment estimates, closing cost breakdowns, and homebuying data for Gallup, New Mexico.
Median Home Price
$175K
Population
22K
Avg Monthly Rent
$850
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 Gallup.
Gallup vs New Mexico Median
The median home price in Gallup is $175,000, which is 38% below the New Mexico state median of $280,000.
Mortgage Calculator — Gallup, NM
Pre-filled with Gallup median home price and New Mexico tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $175K home using New Mexico's 0.8% tax rate and $1,900/yr insurance.
5% Down
$1,423/mo
Down: $8,750
Loan: $166K
P&I: $1,051
Tax: $117
Insurance: $158
PMI: $97
10% Down
$1,362/mo
Down: $17,500
Loan: $158K
P&I: $996
Tax: $117
Insurance: $158
PMI: $92
20% Down (No PMI)
$1,160/mo
Down: $35,000
Loan: $140K
P&I: $885
Tax: $117
Insurance: $158
Income needed (28% rule): $50K/year with 20% down, $58K/year with 10% down.
Rent vs Buy in Gallup
Rent
$850/mo
vs
Buy (10% down)
$1,362/mo
Price-to-rent ratio: 17.2 — A ratio between 15-20 means the rent vs buy decision in Gallup 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 Gallup is $175,000, 38% below the New Mexico state median of $280,000. With a population of 21,899, Gallup 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 $175,000 home in Gallup would carry roughly $117/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 Gallup is $850/month. The price-to-rent ratio in Gallup is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Gallup 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 Gallup.