According to Albuquerque Business First, $1,500/month will pay for a 1,650 sq ft apartment rental in Albuquerque. While renting is practical for those in transitional stages, such a repairing ones credit or divorce, we at Q Realty feel that the benefits of home ownership extend far beyond the flexibility of painting and planting. Tax write-offs and pride of ownership are just a few of the toppings on that American Dream sundae.
Why is home ownership so important?
Life’s circumstances change, sometimes without warning, and it’s best to be prepared. Whether you are in a position that requires an upgrade or downgrade, you never walk away from a rental with more money than you put into it. In fact, most renters consider themselves lucky if they receive their damage deposit back! When you own a home, there are three ways you earn equity:
- Principal reduction: every time you make a mortgage payment, the principal of your loan is reduced. In fact, making just one additional payment a year can help you pay off your loan faster. Unfortunately, there is no benefit to making additional payments if you are renting.
- Appreciation: a home’s value increases with time and improvements. Simple maintenance will protect your investment and simplify the process of re-selling your home. If you rent, you don’t experience the benefits of that appreciation, but a rental increase would soon be on the horizon.
- Sweat equity: defined by Investopedia, sweat equity “refers to value-enhancing improvements made by homeowners to their properties.” Any improvements made to a rental typically stay when you leave.
Why rent when you can own?
As of February 28, 2018, based on current rates, the following loan types and down payments, $1,500 per month could afford you the ability to purchase a home based on the following values provided by Chris Juarez of Academy Mortgage. Before making any purchasing decisions, please consult with a qualified loan officer.
Conventional:
- 20% Down- 275K Purchase Price- $1,515 Monthly Payment
- 10% Down- 240K Purchase Price- $1,507 Monthly Payment
FHA:
- 3.5% Down- 210K Purchase Price- $1,505 Monthly Payment
VA:
- 0% Down- 225K Purchase Price- $1,514 Monthly Payment
What could you own in Albuquerque for about $1,500/month? See below!
- List View
- Map View
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Lot Size4,792 sqft
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Home Size1,650 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2010
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Lot Size8,712 sqft
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Home Size2,240 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1956
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Lot Size6,099 sqft
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Home Size1,879 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built1950
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Lot Size6,099 sqft
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Home Size1,389 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2019
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Lot Size5,228 sqft
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Home Size1,653 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2013
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Lot Size9,584 sqft
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Home Size1,800 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1957
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Lot Size7,406 sqft
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Home Size1,554 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1976
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Lot Size5,228 sqft
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Home Size1,984 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built0
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Lot Size5,228 sqft
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Home Size1,662 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built2003
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Lot Size6,534 sqft
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Home Size1,750 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built2001
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Lot Size6,534 sqft
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Home Size2,717 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2000
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Lot Size6,534 sqft
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Home Size1,859 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1990
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Lot Size4,792 sqft
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Home Size1,970 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2004
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Lot Size5,228 sqft
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Home Size2,965 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built2006
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Lot Size8,277 sqft
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Home Size2,030 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1951
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Lot Size7,841 sqft
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Home Size1,857 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1968
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Lot Size4,792 sqft
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Home Size2,256 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2004
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Lot Size10,890 sqft
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Home Size1,752 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1973
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Lot Size6,534 sqft
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Home Size2,259 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1997
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Lot Size8,277 sqft
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Home Size1,592 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1958
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Lot Size6,534 sqft
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Home Size1,799 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1973
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Lot Size6,099 sqft
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Home Size2,105 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1959
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Lot Size2,178 sqft
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Home Size1,400 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2002
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Lot Size7,406 sqft
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Home Size1,707 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1971
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Lot Size4,356 sqft
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Home Size1,581 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built2016
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Lot Size5,663 sqft
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Home Size1,951 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2004
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Lot Size6,099 sqft
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Home Size1,726 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1974
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Lot Size4,356 sqft
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Home Size1,771 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2016
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Lot Size7,841 sqft
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Home Size1,530 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1954
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Lot Size6,970 sqft
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Home Size2,037 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1980
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Lot Size5,228 sqft
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Home Size1,505 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2000
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Lot Size6,099 sqft
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Home Size2,110 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2006
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Lot Size6,534 sqft
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Home Size2,117 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built1961
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Lot Size10,019 sqft
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Home Size1,800 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1965
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Lot Size6,099 sqft
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Home Size2,084 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2002
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Lot Size4,356 sqft
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Home Size2,474 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2006
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-
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Lot Size10,890 sqft
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Home Size1,910 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1960
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Lot Size10,890 sqft
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Home Size1,999 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1982
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Lot Size8,712 sqft
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Home Size2,515 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1964
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Lot Size9,148 sqft
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Home Size2,013 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1958
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Lot Size5,228 sqft
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Home Size2,484 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built0
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Lot Size5,663 sqft
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Home Size2,700 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2005
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Lot Size6,534 sqft
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Home Size2,138 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built1997
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Lot Size7,841 sqft
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Home Size1,914 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1956
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Lot Size10,019 sqft
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Home Size2,006 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1986
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See all Homes for $1,500/mo.
(all data current as of
12/5/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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