Corrales, NM
Population 8,557 · New Mexico
About Corrales, NM
Corrales is a small town located in New Mexico with a population of 8,557 residents according to the latest US Census Bureau American Community Survey data. The median household income is $114,207 per year, which is 52% above the national median of $75,149. The median age of 55.8 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Corrales features a median home value of $549,700, which is 124% above the national median of $244,900. This places Corrales in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,184, 2% above the national average of $1,163/month. Of the 3,924 total housing units, 91% are owner-occupied (3,233 units) and 9% are renter-occupied (310 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Corrales shows an unemployment rate of 6.3%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 6.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Corrales have an average one-way commute time of 28.3 minutes.
Education & Demographics
52.4% of Corrales residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 12.1% White, 5.9% Hispanic or Latino, 0.0% Black or African American, and 15.3% Asian residents, with 6.4% of the population being foreign-born.
How Corrales Ranks in New Mexico
Cost of Living in Corrales, NM
Compared to national averages, Corrales has a median household income of $114,207 (52% above the national median of $75,149). Home values average $549,700, which is 124% above the national median. Monthly rent at $1,184 is 2% above the US average of $1,163. Within New Mexico, Corrales's income is 69% above the state average of $67,435, and home values are 135% above the state median of $233,762.
Why Live in Corrales, NM?
Corrales offers a strong local economy with a median household income of $114,207, well above the national average, and a well-educated community where 52.4% of residents hold a bachelor’s degree or higher, and a low poverty rate of 6.9%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $549,700. However, Corrales’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Corrales has a population of 8,557 with a median age of 55.8 years. Compare Corrales with other cities to see how it stacks up, or explore all cities in New Mexico.
Similar Cities Near Corrales
Cities in New Mexico with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Socorro | 8,540 | $51,343 | $162,400 | Compare |
| Anthony | 8,701 | $33,141 | $110,800 | Compare |
| Shiprock | 8,339 | $41,563 | $101,500 | Compare |
| Bernalillo | 9,068 | $61,624 | $237,100 | Compare |
| Grants | 9,106 | $49,286 | $123,600 | Compare |
| Ruidoso | 7,701 | $50,259 | $229,100 | Compare |
| Silver City | 9,574 | $39,025 | $160,900 | Compare |
| Belen | 7,427 | $40,354 | $154,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New Mexico
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Corrales With Other Cities
Frequently Asked Questions about Corrales
What is the population of Corrales, NM?
The population of Corrales, NM is 8,557 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in New Mexico.
What is the median household income in Corrales?
The median household income in Corrales, NM is $114,207 per year, which is 52% above the national median of $75,149.
What is the median home value in Corrales?
The median home value in Corrales, NM is $549,700, which is 124% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Corrales?
The median monthly rent in Corrales, NM is $1,184, which is 2% above the national average of $1,163/month.
What is the unemployment rate in Corrales?
The unemployment rate in Corrales, NM is 6.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Corrales, NM a good place to live?
Corrales offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 8,557 and a median age of 55.8, the city appeals to established professionals and retirees.
How educated is Corrales, NM?
52.4% of residents in Corrales aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Corrales?
Key cost-of-living indicators for Corrales, NM: median home value is $549,700 (124% above national), median rent is $1,184/month, and median household income is $114,207. The home-value-to-income ratio is 4.8x, a moderate figure by national standards.
What is the poverty rate in Corrales?
The poverty rate in Corrales, NM is 6.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Corrales, NM?
Corrales's population is 12.1% White, 5.9% Hispanic or Latino, 0.0% Black or African American, 15.3% Asian, and 1.1% two or more races. 6.4% of residents are foreign-born.