The American Southwest is a unique, eclectic, and stunning place to live. With its warm climate, rust-colored desert landscapes, rich history, and vibrant cities like Albuquerque, NM, and Phoenix, AZ, there are numerous reasons to consider living in the Southwest. If you’re wondering what states are considered the Southwest region, it’s typically classified as Arizona, New Mexico, Nevada, southern Colorado, and west Texas.
The median home sale price is $430,000 in Arizona, $329,200 in New Mexico, $434,800 in Nevada, $584,200 in Colorado, and $343,600 in Texas. Therefore, the average median home sale price across these states is $424,360. With that in mind, we’ve rounded up a list of the 10 most affordable places to live in the Southwest. Let’s check out which cities made the list.
1. Lubbock, TX
Median home price: $161,000
Average sale price per square foot: $83
Average rent for a 1-bedroom apartment: $710
Median household income: $58,734
Lubbock, TX homes for sale
Lubbock, TX apartments for rent
The first city to make our list of affordable places to live in the Southwest is Lubbock, TX. With a median home sale price of $161,000, Lubbock is a great option to consider moving to this year. The city is home to about 263,900 residents and offers a variety of attractions to check out. For example, you can visit the National Ranching Heritage Center or the Buddy Holly Center, enjoy the outdoors at Mackenzie Park or the Lubbock Lake Landmark, explore the Museum of Texas Tech University or the Lubbock Cultural District, or grab a meal along Broadway Street.
2. Amarillo, TX
Median home price: $222,450
Average sale price per square foot: $139
Average rent for a 1-bedroom apartment: $861
Median household income: $60,628
Amarillo, TX homes for sale
Amarillo, TX apartments for rent
The second city on our list is part of the Texas Panhandle, Amarillo. About 201,300 people are living in Lubbock, and the median home sale price is $222,450. Amarillo has plenty to do, like checking out the downtown area, exploring the picturesque Palo Duro Canyon State Park, the unique Cadillac Ranch art installation, or visiting the Amarillo Museum of Art.
3. El Paso, TX
Median home price: $246,975
Average sale price per square foot: $147
Average rent for a 1-bedroom apartment: $906
Median household income: $55,710
El Paso, TX homes for sale
El Paso, TX apartments for rent
Located along the New Mexico and Mexico borders, El Paso, TX, has a median home sale price of $246,975. You’ll have a city-like atmosphere as the area is home to a population of 667,500. You’ll find plenty of historic attractions in this affordable city, such as the Chamizal National Memorial, Magoffin Home State Historic Site, and San Jacinto Plaza. Make sure to explore Franklin Mountains State Park, where you can hike, camp, or take in the views.
4. Pueblo, CO
Median home price: $250,000
Average sale price per square foot: $162
Average rent for a 1-bedroom apartment: $1,220
Median household income: $52,794
Pueblo, CO homes for sale
Pueblo, CO apartments for rent
In Colorado, you’ll find our fourth most affordable place to live in the Southwest – Pueblo. This city has a median home sale price of $250,000 and roughly 111,500 residents. Pueblo is known for its beautiful parks, historic places, and a variety of attractions. For example, you can visit El Pueblo History Museum or the Pueblo Weisbrod Aircraft Museum, enjoy the scenery at Lake Pueblo State Park or the Historic Arkansas Riverwalk, or explore the Sangre de Cristo Arts Center or the Pueblo Zoo.
5. Odessa, TX
Median home price: $257,000
Average rent for a 1-bedroom apartment: $1,120
Median household income: $71,293
Odessa, TX homes for sale
Odessa, TX apartments for rent
Home to 112,900 residents, Odessa, TX, is next up on our list. Odessa is a quintessential western Texas city and is a great area to consider living in. In Odessa, make sure to check out Odessa Meteor Crater, try mountain biking at Odessa Mountain Bike Park, see the exhibits at Ellen Noël Art Museum, or explore the charming downtown area.
6. Las Cruces, NM
Median home price: $289,900
Average rent for a 1-bedroom apartment: $892
Median household income: $51,013
Las Cruces, NM homes for sale
Las Cruces, NM apartments for rent
In southern New Mexico, you’ll find the sixth city, Las Cruces. This city has a median home sale price of $289,900 and about 113,900 residents. Las Cruces is a great affordable area to consider moving to, as there are plenty of things to do and places to visit. You can visit the gorgeous Organ Mountains-Desert Peaks National Monument, check out museums like the Museum of Nature & Science, Las Cruces Railroad Museum, and New Mexico Farm and Ranch Heritage Museum, or visit all the local vendors and artisans at Farmers & Crafts Market of Las Cruces.
7. Yuma, AZ
Median home price: $314,000
Average sale price per square foot: $189
Average rent for a 1-bedroom apartment: $1,022
Median household income: $59,312
Yuma, AZ homes for sale
Yuma, AZ apartments for rent
Our seventh spot is Yuma, AZ, located in the southwest part of the state. With a median home sale price of $314,000 and a population of 96,300, Yuma is a fantastic mid-sized city to consider moving to. There are plenty of landmarks like the Yuma Territorial Prison State Historic Park, the Colorado River State Historic Park, the West Wetlands Park, and the Yuma Crossing National Heritage Area. Be sure to explore the Yuma Art Center or check out the local stores and restaurants along Main Street.
8. Albuquerque, NM
Median home price: $319,000
Average sale price per square foot: $195
Average rent for a 1-bedroom apartment: $1,125
Median household income: $61,503
Albuquerque, NM homes for sale
Albuquerque, NM apartments for rent
An iconic Southwestern city is Albuquerque, NM. With a population of 561,000, Albuquerque is New Mexico’s largest city, so this area is a great option if you’re looking to live in a big city. In Albuquerque, you can explore the prehistoric Petroglyph National Monument, check out the charming Old Town neighborhood where you’ll find historic sites, museums, and local shops and restaurants, enjoy the views of the Rio Grande River at Bridge Viewpoint, or hike up to the Sandia Crest.
9. Casa Grande, AZ
Median home price: $320,000
Average sale price per square foot: $180
Average rent for a 1-bedroom apartment: $1,401
Median household income: $64,535
Casa Grande, AZ homes for sale
Casa Grande, AZ apartments for rent
A suburb of Phoenix, Casa Grande, AZ, is a vibrant city with a median home sale price of $320,000. The city has a population of 55,200, so this is a great alternative if you want to live in a smaller area. Casa Grande is home to plenty of local shops, restaurants, parks, and hidden gems. Make sure to drive out to Casa Grande Ruins National Monument.
10. Tucson, AZ
Median home price: $321,500
Average sale price per square foot: $214
Average rent for a 1-bedroom apartment: $1,040
Median household income: $52,049
Tucson, AZ homes for sale
Tucson, AZ apartments for rent
The final city on our list of most affordable places to live in the Southwest is Tucson, AZ. Home to about 541,000 residents, make sure to check out Tucson. There are plenty of outdoor activities to do, such as exploring Tucson Mountain Park, Saguaro National Park, Tumamoc Hill, and Sabino Canyon Recreation Area, among many others. You can also visit the charming downtown area, where you’ll find the Tucson Museum of Art, Tucson Music Hall, El Presidio Plaza, and the University of Arizona.
Methodology: Analyzed the top metros in the region per the US Census and have a median home sale price under the average median list price of Arizona, New Mexico, Nevada, Colorado, and Texas. Median home sale price and median sale price per square foot from the Redfin Data Center during February 2024. Average rental data from Rent.com February 2024. Population and median household income data sourced from the United States Census Bureau.
The post 10 Affordable Places to Live in the Southwest in 2024 appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.
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