Rent to own Homes in Gallup, NM
Gallup is a small city in McKinley County with a population just over 21,000. Gallup appeals to outdoor enthusiasts who love adventures, because it is located on the Trails of the Ancients Byways. Residents in Gallup love to show off their love of America, as highlighted by the city being named the Most Patriotic Small Town in America. Newcomers to Gallup will want to be prepared for warm winters and frigid cold winters with temperatures routinely dipping below 0-degrees.
Gallup, NM is a great place for affordable rent-to-own homes! With a median household income of over $45,754 and a median rent of $675, the Gallup, NM rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Gallup, 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.
More Gallup, NM Property Resources
Rent to own Homes in Cities Near Gallup, NM
- Black Hat
- Brimhall Nizhoni
- Catalpa Canyon
- Church Rock
- Continental Divide
- Crestview
- Fort Wingate
- Gallup
- Gamerco
- Iyanbito
- Jamestown
- Manuelito
- Mc Gaffey
- Nakaibito
- Pinedale
- Pinehaven
- Purty Rock
- Rock Springs
- Sagar
- Sundance
- Timberlake
- Tohatchi
- Tse Bonito
- Twin Lakes
- Vanderwagen
- White Cliffs
- Williams Acres
- Yah-ta-hey
Neighborhoods in Gallup, NM
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Gallup, NM is seeing rapid growth and Gallup, NM's' housing market remains optimal with an average home price that is -38% below the 2024 national average. Gallup, NM is part of McKinley 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 2024 for county McKinley is 1.26% which is above the national average, which is 0.99%.
Median Home Price in Gallup, NM
Median Rent in Gallup, NM
Top 5 Reasons to Live in Gallup, NM
A Great Place for Events! The Gallup Chamber of Commerce hosts a number of annual events that provide fun and entertainment for all. Named the most legendary adventurally in America, Fireball Run is designed to test a person's mettle and ability to think on their feet. Held throughout the country, the theme for 2015 is the Space Race. In addition, Gallup is home to the annual Red Rock Balloon Rally that takes people high into the sky, aboard a hot air balloon for three days in December.
Delicious Southwest Cuisine! For no frills New Mexican cooking, like chicken enchiladas with a spicy corn salsa, head straight to Earl's Restaurant. Situated in an old school diner, Jerry's Cafe features heaping helpings of tasty Mexican comfort food--all served with their signature spicy chile sauce.
Cultural Excursions! Learn about the region's Native American heritage with a visit to the Gallup Cultural Center. Recently renovated in 2004, the Center includes a number of interactive exhibits and period artwork. Visit the Center for the best selection of Navajo and Zuni handmade jewelry and artifacts like pots, rugs and other works of art.
Average Listing Prices Are on the Decline! Homes in Gallup are experiencing a significant reduction in the average list price, from a three month high of $189,304 to 174,192. As a result, now is the time to take advantage of lower prices to snag a great deal on a rent to own home in a neighborhood like Rehoboth or Bread Springs.
Homes in Gallup Are Less Expensive Than Nearby Towns! When compared to nearby towns like Ramah at $182,984 and Vanderwagen at $191,391, homes in Gallup are a bargain at a median sales price of just $159,000. Single family homes can be had at affordable prices in desirable communities like the City Center and Gamerco.