Albuquerque Ranks #7 for Most Affordable New Homes in Nation
Looking for a new home? The Albuquerque and Rio Rancho area might be one of your best options in the nation according to a recent article in Realtor.com.* While a new home costs approximately 20% more than an existing home, according to the U.S. Census Bureau, pockets in the SunBelt and Midwest offer affordable options for those looking to purchase new. Luckily for locals, out of the top most affordable cities in United States to buy new, Albuquerque is ranked #7, with the median sale price of a newly built home at $338,813.
“With its mild climate and low home prices, New Mexico’s largest city has long been a popular place for those on a budget. Just an hour away from scenic Santa Fe, Albuquerque has a significantly lower cost of living. That’s part of the reason it has attracted so many retirees from the East Coast,” the article states.
New Mexico land developer Price Land Development Group (Price) simultaneously delivered hundreds of new home lots at the end of 2021 to help alleviate urgent housing demand for diversified homebuyers. Additionally, 2022 plans are underway for Price on several New Mexico neighborhoods as they work to deliver even more options in the area.
“There’s been a clear shift in location preferences,” says Rose Quint, assistant vice president of survey research at the National Association of Home Builders. “A segment of buyers has decided they want to move to the suburbs or outer areas, and builders are responding.”
To learn more about how Price Land Development Group’s residential projects and partnerships, visit pricedevgroup.com
Price Land Development Group (Price) is a consultancy and development company specializing in acquisition, entitlement and development of residential communities and residential / mixed-use master plans in New Mexico. Led by President, Garret Price, Price’s portfolio includes several quality master-planned communities including, Mariposa, The Trails, Los Diamantes and Colibri. Prior to forming PLDG in May 2017, Garret spent the previous 14 years as Vice President of PulteGroup’s land operations and was responsible for growing the New Mexico Division’s market share and profitability for their Centex, Pulte and Del Webb brands by utilizing aggressive growth through market and consumer segmentation. Learn more at pricedevgroup.com