The greater Albuquerque area, and the State of New Mexico is experiencing a housing affordability challenge and homelessness crisis that impacts all of us. Having a safe, affordable place to call home is the cornerstone on which all other successes are built.
In tight housing markets such as Albuquerque, Santa Fe, and Las Cruces, rental units affordable to low-income households are unfortunately often occupied by households with higher incomes and households with less financial assets will be pushed down (or out) of the affordable housing ladder into homelessness. Thus, ensuring affordable housing options for people of all income levels is crucial for a well-functioning economy.
LWVCNM provides several resource documents below that discuss the housing challenges we face here locally and at the State and National levels. These include: Albuquerque Region 2024 Housing Needs Assessment, 2024 Out of Reach Housing Wage Analysis for New Mexico, 2024 New Mexico Affordable Housing Needs Assessment from Housing New Mexico (MFA); and the National Low Income Housing Coalition’s: A Road Map for Affordable and Stable Housing for All 2024.
Housing Needs Assessment, Albuquerque Region, July 2024 (PDF)
This report evaluates current housing needs in the greater Albuquerque region [Bernalillo County, Sandoval County, Valencia County, Torrance County, and the southern part of Santa Fe County] by analyzing demographic trends, housing affordability gaps, the cost burden of housing, gaps in rental housing supply, challenges to housing ownership and how these factors impact homelessness.
Prepared for:
City of Albuquerque Health, Housing and Homelessness Department
Mid-Region Council of Governments
Out of Reach 2024 – New Mexico (PDF)
This document presents cost of living research data for each county and major city in New Mexico that shows the hourly wage that a renter would need to make to afford a two-bedroom apartment while only spending 30% of their income on housing and utilities. As an example, in Albuquerque a two bedroom apartment at the fair market rent of $1,134/month would require a wage of $23.50/hr for a 40-hour work week.
Prepared by: National Low Income Housing Coalition
2024 New Mexico Affordable Housing Needs Assessment, Key Findings (PDF)
Housing New Mexico’s comprehensive report on housing issues in New Mexico presents a profile of the State’s demographic and economic status and makes a case for four strategy areas: build homeownership and wealth; create more housing; preserve and improve existing affordable housing; and, create stable housing for persons with special needs.
In this report Housing New Mexico estimates that 43% of New Mexico renters are cost-burdened (i.e. spend more than 30% of income on housing), and an additional 22% are severely cost-burdened. Additionally with the current housing supply there is one affordable apartment unit for every two renter households making less than $25,000 per year.
Prepared by: Housing New Mexico
September 2024 A Road Map for Affordable and Stable Housing for All, A National Policy Agenda (PDF)
Homeownership, rental housing, and homelessness are inextricably linked. This report presents a comprehensive and coordinated national housing policy strategy to expand the housing supply and support access to housing for first-time homebuyers, cost-burdened renters, and unhoused individuals and families.
Prepared by: Urban Institute