New Mexico

The home ownership rate in New Mexico is high, even though residential property is expensive relative to household incomes. The state has a small population, most of whom live in the three cities of Albuquerque, Santa Fe and Las Cruces. There are around 120,000 multi-unit dwellings underpinning the apartment real estate market. With a little over 12,000 new housing permits issued in 2002, the residential construction market reflects strong demand.The state's economy has been heavily reliant on federal government facilities such as military bases and laboratories. These have seen some restructuring in recent years that has negatively affected the economy and employment. Industrial real estate is largely limited to mining activities and to the manufacturers supporting the government facilities.Per capita retail sales are moderate and are boosted to some extent by tourism. Modest commercial and retail real estate opportunities exist in the three main cities. With its famous UFO museum, diverse population, ancient historical sites and natural beauty, New Mexico has a busy tourism industry. There are numerous cultural events that draw artists and writers from around the world. There are many opportunities for real estate investors in the tourism industry of New Mexico. These include vacation housing, condominiums, mountain cabins in the ski areas, hotels and motels.The Cowboy LifestyleFor those who like the country life, New Mexico offers scenic acreages in the Chama Valley region in northern New Mexico. There are also horse farms, cattle ranches, mountain retreats and farmlands. New Mexico is a place where the cowboy lifestyle becomes a reality.