Photo: TheNewMexicoPost · CC BY-SA 4.0Measured against area pay, Corrales costs more to live in than 79% of U.S. towns
It ranks #64 of 72 in New Mexico for affordability. Up 2.3% in a year, more than twice the New Mexico typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Albuquerque, NM metro area ($71K). How TownRatings grades cost of living
The grade compares costs with what households across the Albuquerque metro earn ($71K, Census 2020–24). Even so, the typical home costs 8.1 years of metro income, and 43% of renters pay 30% or more of income for housing.
In dollars
- $701Ktypical home, 122% above the New Mexico typical homeZillow, September 2026
- $1,680a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
- 96prices across the Albuquerque metro, where the U.S. is 100 (housing 89)BEA Regional Price Parities, 2024
In paychecks the grade
- 8.1 yrsof area income buys the typical home; the typical U.S. town: 3.3$71K, Albuquerque-area income
- 19%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 43%of renters pay 30%+ of income for housing; across New Mexico: 50%Census 2020–24
- 21%of owners do; the typical U.S. town: 20%Census 2020–24
Housing in Corrales, in brief
Nearly every household owns
91% of Corrales households own their home, against 70% across New Mexico. There are only 244 renter households, so rentals are scarce. Property taxes ↓
New building is almost all single-family houses
Of the 247 homes permitted in Corrales’ past 10 years, every one was a single-family house. New homes ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; sales and supply are Redfin’s for September 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Corrales’ grade
Measured against what households in the area earn, Corrales is more affordable than 21% of U.S. towns, #64 of 72 in New Mexico. Home prices pull the grade down most; the share of households paying 30%+ for housing holds it up.
Prices here have kept pace with New Mexico: up 28.2% in five years, against 25.1% statewide (Zillow).
Up 28.2% in five years
Faster than New Mexico (25.1%).
Show as a table
| January | Corrales | New Mexico |
|---|---|---|
| 2017 | $372,000 | $177,000 |
| 2018 | $396,000 | $183,000 |
| 2019 | $408,000 | $191,000 |
| 2020 | $439,000 | $203,000 |
| 2021 | $493,000 | $228,000 |
| 2022 | $576,000 | $261,000 |
| 2023 | $622,000 | $285,000 |
| 2024 | $661,000 | $299,000 |
| 2025 | $675,000 | $310,000 |
| 2026 | $700,000 | $313,000 |
| September 2026 | $701,000 | $316,000 |
A typical Corrales home worth $369K in October 2016 is worth about $701K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
Too few sales to read the market
Only 10 homes sold in September 2026, the latest month in Redfin’s figures: too few to describe the market or quote a median sale price.
A typical home costs 8.1 years of area income
The calculator starts from the area income the grade uses. Switch to Corrales’s own median, or type yours.
That’s $413K short of a typical Corrales home.
A two-bedroom rents for about $1,680 a month here, $2,360 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Corrales’s typical property tax (0.62% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,680
Renters already here pay a median of $1,143, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Albuquerque, NM MSA): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
18 new homes permitted in 2025
Builders were permitted 18 new homes in Corrales in 2025, all single-family houses, worth about $12.5 million to build. That's 2.1 per 1,000 residents, slower than across New Mexico (5.2). Over the past 10 years, Corrales has permitted 247 homes in all.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 13 | 13 | 0 | $9.1 million |
| 2025 | 18 | 18 | 0 | $12.5 million |
| 2024 | 26 | 26 | 0 | $14.1 million |
| 2023 | 8 | 8 | 0 | $4.5 million |
| 2022 | 29 | 29 | 0 | $11.2 million |
| 2021 | 34 | 34 | 0 | $13.3 million |
| 2020 | 31 | 31 | 0 | $11.5 million |
| 2019 | 29 | 29 | 0 | $10.6 million |
| 2018 | 28 | 28 | 0 | $10.6 million |
| 2017 | 24 | 24 | 0 | $8.4 million |
| 2016 | 20 | 20 | 0 | $7 million |
| 2015 | 15 | 15 | 0 | $5.6 million |
| 2014 | 29 | 29 | 0 | $11.5 million |
| 2013 | 0 | 0 | 0 | — |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
High tax bills, but a low tax rate
The median bill is $3,554 (New Mexico: $1,731), because homes cost more. As a share of value it’s 0.62% a year, against 0.70% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near Corrales
Only figures published free for the whole country, each labeled with the area it covers: the Albuquerque, NM metro area, or New Mexico. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Prices overall U.S. = 100 | 96 | NM 92 | metro | BEA, 2024 |
| Goods (groceries, clothing, cars…) U.S. = 100 | 96 | NM 96 | metro | BEA, 2024 |
| Utilities U.S. = 100 | 78 | NM 78 | metro | BEA, 2024 |
| Other services U.S. = 100 | 99 | NM 99 | metro | BEA, 2024 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
Corrales vs. its neighbors
Of the 3 towns here with a Zillow value, Corrales has the 3rd-lowest.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Corrales | C− | $701K | $572K | 0.62% | $1,680 |
| Rio Rancho | C | $361K | $310K | 0.74% | $1,920 |
| Albuquerque | C− | $344K | $292K | 0.92% | $1,560 |
Questions about the cost of living in Corrales
Is Corrales expensive to live in?
Measured against what households in the area earn, Corrales costs more than 79% of U.S. towns: a C− for cost of living, #64 of 72 in New Mexico. The typical home costs 8.1 years of the median household income of the Albuquerque, NM metro area ($71K).
How much does a house cost in Corrales?
About $701K, Zillow’s typical value for September 2026, up 2.3% in a year. The New Mexico typical home is $316K.
What salary do you need to live in Corrales?
To buy the typical home with 20% down at 6.3%, about $173,000 a year, keeping the payment (about $4,040 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $67,000.
How much is rent in Corrales?
HUD puts a two-bedroom at about $1,680 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $1,143 (Census 2020–24).
What are property taxes in Corrales?
The median bill is $3,554 a year, 0.62% of the median home value (New Mexico: $1,731, 0.70%), from the Census 2020–24.
Are home prices in Corrales going up?
Yes: up 2.3% in the past year and 28.2% in five years, against 25.1% across New Mexico (Zillow).
Neighbors talk housing
What Corrales buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.