RIO RANCHO, N.M. (KRQE) – As the state has seen in years past during layoffs, manpower at Intel plays a big role in the housing market. When employees leave, there are a lot of vacant houses, and when they come, more people need homes. The current housing market could make it difficult to find a home.
- Trending: Bobby Unser, 87, Indy 500 champ in great racing family, dies
- Entertainment: What concerts are coming to New Mexico in 2021?
- Marijuana: Cannabis Decriminalization: What you need to know in 10 phrases
- Crash: Fatal I-25 crash suspect charged with multiple vehicular homicides
Intel’s multi-billion dollar investment means plenty of jobs, but also a big need for places to live. In the metro, homes stay on the market for less than a month. “This is going to mean a high demand on housing,” said Greggory Hull, the mayor of Rio Rancho. “We start working closely with the leadership here at Intel to understand what the demands are going to be and we start working with local developers and local businesses.”
The Greater Albuquerque Association of Realtors says if priced correctly, these homes will sell quickly and have multiple offers. This means those moving to the area for Intel will have to act fast. “There are challenges in the market and we see it in New Mexico but we see it across the country and we are definitely up for the challenge,” said Belinda Franco, GAAR president. “There are some interesting ways of getting into a home right now.”
With many homes not staying on the market for long, Franco says the housing demand will likely be met with new developments. The GAAR says they’re seeing new developments everywhere from the East Mountains to Los Lunas. “You can’t make more land, correct?” said Franco. “We’re seeing a lot of new construction in Mesa del Sol, we’re seeing some new construction happening in Los Lunas, Rio Rancho, some neighborhoods are being developed.”
Even then, the construction of new homes is difficult as lumber prices rise dramatically across the country due to a global shortage. Still, Franco says the local real estate and construction industries will need to find a way to build homes that meet the demand and are equal to the higher-paying jobs coming to Intel. “Really, just about anywhere you go, there is some opportunity for new construction,” said Franco. “I think that’s going to be how we’re going to meet that challenge for those new people coming into New Mexico.”
According to the GAAR, home prices in Rio Rancho are up more than 18-percent from this same time last year and homes are spending about half as much time on the market. Intel’s impact on the local market has fluctuated over the years. At their height, Intel’s Rio Rancho location had around 5,000 employees in 2006. In 2017, that number was as low as 1,100, but currently sits at around 1,800 employees this year. According to Intel, the investment will create at least another 700 Intel jobs, as well as 1,000 construction jobs.