New statewide housing report finds problems linger with affordability, homelessness, quality

Patrick Lohmann
·3 min read

Staff of what was once known as the New Mexico Mortgage Finance Authority pose in front of their new logo and name, Housing New Mexico, after a news conference on Wednesday in Albuquerque. The authority's CEO released the a new report showing widespread challenges across the state with housing quality and affordability. (Photo by Patrick Lohmann / Source NM)

Housing continues to be unaffordable for many renters and homeowners across the state, according to a report released this week by the New Mexico authority tackling the housing crisis.

The New Mexico Mortgage Finance Authority, which also announced its rebranding Wednesday to become Housing New Mexico, detailed the findings of its latest Housing Needs Assessment at a news conference in Albuquerque. All of its findings point to ongoing need for people across the housing spectrum, from those living on the streets to those struggling to pay their mortgage, leaders said. 

The authority published the first assessment in 2018, intended as a roadmap for where it should dedicate programs and funding. 

Among the findings in this year’s report: 

  • Homelessness increased 50% between 2022 and 2023, based on the federal point-in-time count

  • The median monthly rent in New Mexico is $966, a 16.7% increase since 2018

  • 44% of renters and 28% of homeowners spend more than 30% of their income on rents or mortgages

  • 43% of homes statewide were built before 1980

  • 34% of statewide households have someone aged 65 or over. The national rate is 12%

  • Median household incomes have grown 22% since 2018, while the median home price increased 53%, from $200,000 to $306,000

‘The need is definitely out there’

Isidoro “Izzy” Hernandez, CEO of the newly rebranded Housing New Mexico, said that the assessment’s findings weren’t all that surprising, but the trends are still troubling. 

“The housing needs assessment findings provide us with a reality of what the affordable housing necessities are in our state,” Hernandez said. 

This year, the New Mexico Legislature gave the authority’s Housing Trust Fund $50 million to spend on an array of housing programs. That is in addition to about $38 million in recurring funding the authority receives.

Legislature and governor tout ‘largest one-time investment in housing’ during 2024 session 

The funding was available beginning July 1 but the authority hasn’t yet received it. Still, citing the high need, Hernandez said it has already allocated about $10 million of it. The authority has more than 300 partners, including local and tribal housing authorities, nonprofits and private lenders. 

“The need is definitely out there,” he said. “The money will go pretty quick.”

He gave a breakdown Wednesday of how the legislative funding would be spent over the next two years, including $20 million to increase home ownership, $26.6 million to build more housing, $10 million to preserve existing housing, with $27 million left over to spend on those programs as needed. 

The money will help fund 13,000 families afford down payments, move into a new home or get repairs in their apartment, Hernandez said. 

He said the authority will again ask for money on top of what it gets in recurring money at the 2025 legislative session, though he didn’t know yet how much. 

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