ALBUQUERQUE, N.M. – At a news conference today, New Mexico Mortgage Finance Authority officials reported on the findings of the state’s most recent housing needs assessment and outlined how $84.6 million in state funding will be allocated to address those needs. The nearly 50-year-old quasi-governmental entity also announced a new brand and officially unveiled a new logo.
The New Mexico Housing Needs Assessment is a comprehensive annual report produced by New Mexico Mortgage Finance Authority. It comprises an array of housing indicators describing affordable housing needs in the state. Key findings from the 2024 report for New Mexico include:
- Homeownership rate is 70.9%
- Median household income is $58,722
- 43.2% of households earn less than $50,000 annually
- From 2018 to 2022, the median home sale price increased 53% (from $200,000 to $306,000)
- Currently, the median price of a home sold in New Mexico is $353,000 (9.2% increase from 2023)
- Median monthly gross rent in 2022 was $966, an increase of 7.7% from 2021 and an increase of 16.7% in 2018
- Single-family detached homes comprise the majority of the housing stock (65.7%)
- 43.9% of renters and 28.4% of homeowners are cost-burdened, meaning these households pay more than 30% of their income for housing costs, including insurance and utilities
- 43.2% of houses were built prior to 1980
- Number of homeless individuals increased by 50% from 2022 to 2023
The full report may be viewed here.
“The housing needs assessment findings provide us with a reality of what the affordable housing necessities are in our state,” said New Mexico Mortgage Finance Authority Executive Director/CEO Isidoro Hernandez. “Along with our partners, we have assisted over 500,000 families across the housing spectrum for close to 50 years. By signing House Bill 2 earlier this year, Governor Michelle Lujan Grisham appropriated $50 million to support the New Mexico Housing Trust Fund. This funding allows us to continue our pursuit to do even more to help New Mexicans get into safe, affordable homes.”
At its May and June meetings, the New Mexico Mortgage Finance Authority Board of Directors approved the $50 million allocation, along with the $34.6 million in state fiscal year 2025 severance tax bond funding as follows:
- $20 million to build homeownership and wealth
- $26.62 million to create more housing
- $10 million to preserve existing affordable housing
- $1 million to create stable housing environments
- $27 million reserved for the above activities based on demand
“Whether it’s building homeownership and wealth, creating more housing, preserving existing affordable housing or creating stable housing environments, our efforts and programs directly align with the key findings in the housing needs assessment report,” said Hernandez. “I appreciate our board of directors, the governor and legislators for their support and funding for these much-needed programs in our state.”
During the news conference, Hernandez also announced New Mexico Mortgage Finance Authority has rebranded to Housing New Mexico, and a new logo was unveiled.
“When New Mexico Mortgage Finance Authority was created by the state legislature in 1975, its focus was mortgage assistance for low-income households,” said Hernandez. “We have grown into so much more, as far as the programs and services we provide, and ‘Housing New Mexico’ is more reflective of our diverse suite of services and makes a strong statement. The new logo should help New Mexicans understand our role in their community better, and we look forward to continued outreach and education about Housing New Mexico for years to come.”
Officials also hope the rebrand will help prevent mistaking New Mexico Mortgage Finance Authority with the New Mexico Finance Authority and vice-versa, which is often the case.
Hernandez explained the entity is not officially or legally changing its name, but the idea is for it to be recognized as Housing New Mexico.
“We are still New Mexico Mortgage Finance Authority,” he said. “As the state’s housing authority, our vision is that all New Mexicans will have quality, affordable housing opportunities, and ‘Housing New Mexico’ truly encompasses what we work toward every day.”
To learn about all of Housing New Mexico’s programs and funding opportunities, visit housingnm.org.