States › New Mexico › Corrales

Is Corrales, NM expensive to live in?

CheapRent takes 13 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,21231% lower than U.S. average
💵 Families earn per year (2026)$110,338about $9,195/month · 27% higher than U.S. average
🔑 House price$571,50072% higher than U.S. average

Rent is lower than in 75% of U.S. cities. That makes it a rare mix of above-average pay and below-average rent. A typical house costs about 5.2 years of household income. Most homes (91.2%) are owned, so rentals can be hard to find.

How much money do I need?

To rent here comfortably, you should earn about $48,480 a year. That is $23 an hour at a full-time job.

Is rent cheaper than other New Mexico cities?

No. Rent here is more expensive than in most of New Mexico. It is number 26 of 44 cities from cheapest to most expensive.

Corrales
$1,212
Socorro
$1,308
Anthony
$961
Grants
$916
Bernalillo
$1,513
Ruidoso
$1,480
Silver City
$908

How much do households earn in Corrales?

Under $25k
15.5%
$25k–50k
14.5%
$50k–100k
24.0%
$100k–150k
22.9%
$150k+
21.7%

Share of households by yearly income. 44.6% of households earn $100,000 or more.

How expensive is Corrales overall?

Everyday prices in New Mexico overall are 8% below the U.S. average (index 92.2, U.S. = 100).

Housing
74
Goods (food, clothes…)
96
Utilities
78
Other services
99
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Corrales, so the New Mexico figure is shown.

Taxes and bills in Corrales

🏛️ Property tax$3,554a year · 0.62% of home value · U.S. $3,119
⚡ Electric bill$141a month (typical) · U.S. $156

Life in Corrales

Commute to work29.2 minU.S.: 26.4 min
College degree51.5%U.S.: 35.7%
Own their home91.2%U.S.: 65.2%
Below poverty line7%U.S.: 12.5%
Unemployment6.3%U.S.: 5.2%

Is it cheaper to rent or buy in Corrales?

Renting is cheaper right now: about $2,753 a month less.

Renting
$1,212
Owning
$3,965

Owning assumes a typical $571,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $57,150 for the down payment.

Frequently asked questions

What is the average rent in Corrales, NM?

Renting in Corrales costs a median of about $1,212 a month in 2026, including utilities. The New Mexico median is $1,181.

How much do I need to make to live in Corrales?

To keep rent under 30% of income, you need about $48,480 a year, or $23 an hour at a full-time job.

Is Corrales cheap or expensive?

Corrales is rated Cheap: rent takes 13.2% of the typical household income of $110,338. It ranks 26th cheapest of 44 New Mexico cities we track.

How much are property taxes in Corrales?

The median homeowner in Corrales pays $3,554 a year in property taxes, about 0.62% of the median home value.

Is Corrales more expensive than the national average?

Overall prices in New Mexico are 8% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Corrales?

The median home value in Corrales is $571,500, about 5.2 times the typical yearly household income.

8,555 people live in Corrales. Numbers are typical (middle) values.