This weekend we took a drive to Taos. Even though it's only about a four and a half hour drive, it's the first time we've ever gone to New Mexico. I'm not sure what it is, but no matter where we visit I can't help but wonder how the real estate values compare. Does everyone do this, or do I need counseling?
Taos was such an interesting little town. Incredible southwestern architecture, regardless of whether viewing a recently constructed hacienda or touring the ancient Taos Pueblo. What caused curiosity for me was what appeared to be the difference in the average household income vs the cost of real estate. So I did a little research comparing my little town of Castle Rock to Taos to see if the averages were comparable. And what I found seemed to justify my initial suspicion:
Taos: Average median household income = $29,602 vs median home or condo value = $239,100
Castle Rock: Avg med household income = $89,750 vs median home or condo values = $331,200
(figures taken from City-data.com)
That means the average price of homes in Taos is over 8 times more than the average income, whereby Castle Rock is just over 3.5 times more than the average income.
I suspect two things to be true about Taos, from my very limited research:
1) there must be a lot of retired people moving to Taos that pay cash for homes; and,
2) mortgage lending is probably not a very lucrative business there!
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.