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Melrose village, NM

ZIP 88124 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 88124

Median Home Value
$123,800
Median Rent
$484
Affordability Snapshot
$34,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$795/mo PITI).

11%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.4x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

21.3 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 88124 in Melrose village, NM, a household would need roughly $34,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $795. That sits below the local median household income ($51,696), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 26% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
83.8%+28% vs US avg
x
Vacancy Rate
26.4%+156% vs US avg
x
Broadband Access
82.7%-5% vs US avg
x
4+ Bedrooms
3.3%-78% vs US avg
x
Built Pre-1939
14.9%+16% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
26.5%-47% vs US avg
x
Mortgage-Free
73.4%+92% vs US avg
x
$123,800
Home Value
$484
Rent
1967
Year Built
2008
Moved In

Residents have lived here since ~2008 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached78.5%
  • 1-unit attached0.0%
  • 2-9 units1.6%
  • 10+ units0.5%
  • Mobile home & other19.4%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$123,800
Median rent$484
Owner-occupied83.8%
Vacant26.4%
Price-to-income2.4x
Est. income to buy$34,000