Mortgage payment estimates, closing cost breakdowns, and homebuying data for Gallup, New Mexico.
Pre-filled with Gallup median home price and New Mexico tax/insurance rates. Adjust for your property.
Estimated closing costs based on New Mexico rates and fees applied to Gallup prices.
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.