Rent to own Homes in Albuquerque, NM
The city, named after the Duke of Albuquerque, was founded as a town under Spanish rule in 1706, but its roots go back to 2000 B.C. The mountainous area near a bend in the Rio Grande River was a perfect spot to start a settlement - the flowing water provided irrigation for the crops, and the higher terrain offered protection from outsiders. In 1821, the city fell under Mexican rule when Mexico gained its independence from Spain. The railroads brought an influx of new settlers to Albuquerque in 1880, and then it was incorporated as an official town in 1885 and as a city in 1891. In 1912, when New Mexico became the 47th U.S. state, Albuquerque finally became an American city.
Modern-day Albuquerque is a bustling city with a population of 560,513, encompassing 187.73 square miles. It is the most populous municipality in New Mexico and 32nd in the United States. What began as a primarily Hispanic area now has a mix of races and nationalities within its borders. But the city still takes pride in its origins and honors its heritage during its many cultural fiestas and festivals throughout the year.
Albuquerque, NM is a great place for affordable rent-to-own homes! With the current housing shortage trend it can make it harder to become a homeowner, including in Albuquerque, NM. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
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Rent to own Homes in Cities Near Albuquerque, NM
- Abeytas
- Adelino
- Albuquerque
- Belen
- Bosque
- Bosque Farms
- Carnuel
- Casa Colorada
- Chical
- El Cerro
- El Cerro Mission
- Isleta
- Isleta Village Proper
- Jarales
- Kirtland Afb
- Las Maravillas
- Las Nutrias
- Los Chaves
- Los Lunas
- Los Ranchos de Albuquerque
- Madrone
- Meadow Lake
- Monterey Park
- North Valley
- Pajarito Mesa
- Peralta
- Pueblitos
- Rio Communities
- Sausal
- South Valley
- Tome
- Valencia
- Veguita
Neighborhoods in Albuquerque, NM
Countrywood rent to own homes Cottonwood Trails rent to own homes Bond Ranches rent to own homes Cottonwood Corners rent to own homes Cottonwood Mall rent to own homes Highlands North rent to own homes Oso Grande rent to own homes Seven Bar North rent to own homes University Of New Mexico Airport Parcel rent to own homes Volcano Ranch Park rent to own homesBuying a Home in Albuquerque, NM
Albuquerque, NM is seeing rapid growth and Albuquerque, NM's' housing market remains optimal with an average home price that is -100% below the 2023 national average. Albuquerque, NM is part of Bernalillo county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Bernalillo is 0.81% which is below the national average, which is 0.99%.
Median Home Price in Albuquerque, NM
Median Rent in Albuquerque, NM
Average Cost of Living in Albuquerque
Albuquerque's average cost of living is nearly 3% higher than average for New Mexico, but it is almost 9% lower than the U.S. average. Expenses vary by municipality, with a wide range of living costs in the area. For example, Los Lunas abuts Albuquerque to the south and is 7.3% lower, while Santa Fe, to the north, is 24.3% more expensive. Overall, Albuquerque is an affordable place to live, especially for a major city.
Average Home Prices in Albuquerque
The median cost of a home in Albuquerque is $203,500, which is a little more than $10,000 higher than New Mexico's average of $193,200 and $27,700 more than the U.S. average. These prices are very good for the area. You can find much lower or higher housing prices in neighboring cities. In South Valley, homes go for an average of $154,000, and the median cost for a house in Corrales is $425,600. For a municipality of its size with a growing economy, Albuquerque's housing prices are excellent. There are also many rent-to-own options available for sale in the city.
Albuquerque Statistics
If you're interested in Albuquerque rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Albuquerque statistics compared to the U.S. national average.
| Albuquerque Averages | National Averages | |
|---|---|---|
| One-Way Commute | 21.3 minutes | 26.4 minutes |
| Violent Crime | 51.0 | 22.7 |
| Property Crime | 85.3 | 35.4 |
| Unemployment Rate | 5.1% | 3.9% |
| Income Tax Rate | 4.9% | 4.6% |
| Air Quality | 60 | 58 |
| Water Quality | 47 | 55 |
| Median Household Income | $47,413 | $53,482 |
| Median Property Taxes | $1,500 | $2,200 |
| Utilities | $140/month | $112/month |
| Monthly Rent | $920 | $1,470 |
| Median Home Cost | $203,500 | $231,200 |
| Median Home Age | 37 years | 40 years |
Popular Amenities and Attractions in Albuquerque
The Albuquerque International Balloon Fiesta should be high on your to-do list if you're anywhere near the city during October. People attending enjoy the event's exciting, vibrant atmosphere. For nine days in a row, hundreds of hot air balloons decorate the sky with their beautiful colors and designs. Plenty of food, drinks, music, contests, and competitions make this a fun event you'll never forget.
There is so much appeal to the undeveloped portions of Albuquerque. If you're an avid hiker, try the 8-9 mile La Luz Trail up the Sandia Mountains and enjoy a breathtaking panoramic view of the city. When you get to the top, you can sit down to a meal at the Ten 3 restaurant and take an overhead tram back down the mountain.
Even if you have a few weeks to spare, it won't be enough to cover the entire 1,625,542 acres of Cibola National Forest, parts of which are within Albuquerque. You can watch a variety of hawks, enjoy the wildlife and foliage, go fishing or hunting, camping, and downhill skiing during the winter. Look hard enough, and you'll find prehistoric ruins, Indian homes, and even ice caves.
Even the developed parts of the city have lots of charm. Historic Old Town has buildings that date back to the late 1700s. You'll find more than 150 shops and galleries there, and restaurants offering cuisine from various cultures. Live outdoor performances are typical on Wednesday through Sunday at the Old Town Plaza, and you can always take a guided historical tour around the area. Within walking distance from Old Town, you can visit the Turquoise Museum, the American International Rattlesnake Museum, the Explora Science Museum, the Albuquerque Museum, and the New Mexico Museum of Natural History and Science.
Albuquerque is the economic center of New Mexico, with many thriving industries in the city. Some of them include aerospace and aviation, manufacturing, solar technology, renewable energy, microsystems and nanotechnology, semiconductors and electronics, software, cybersecurity, directed energy, optics, and photonics. These industries are cutting edge and provide an excellent job base for the city and the entire state of New Mexico. Employment, culture, and heritage - Albuquerque has it all. Take advantage of one of the city's rent-to-own opportunities, and you can have it all, too. If an exciting city that celebrates its culture and heritage sounds right for you, check out Albuquerque's large variety of rent-to-own homes for sale. No matter your background, you'll fit right in!