The most recent data on Santa Fe’s housing market confirms what many have long suspected: there is a big affordability gap — the highest in years — and it’s getting worse.

In 2022, the difference between the average Zillow home value and the maximum affordable home price — which is the highest price a family making the area median income can afford while spending 30% of their income — was more than $300,000.

While the average value of homes on Zillow was about $520,000 in 2022, the maximum affordable home price dipped under $200,000 for the first time since 2015, partially due to rising interest rates.