I gotta chime in on this...

I think you are missing some things.

We bought a 400k house, built in the 1970s last year.

The major bonus to buying that old of a house in Albuquerque is the land. We have a huge yard, view of the Sandias, massive garden.

Built on a concrete slab foundation, 20 inches thick. With AC. The quality of older homes is incomparable to newer homes.

We had phone lines replaced in our house with cat 6. Cost? $300...

Also, labor in Albuquerque is EXTREMELY cheap. We have renovated 3 room in our house, added a deck, hot tub (electrical), master bathroom for 9k. I'm talking brand new everything.

Now growth, your right, ABQ cannot grow outwards. Thus, buying property in ABQ with land (1970s or 80s home) is quite literally one of the smartest invests you can make. There will be no more land to build on, prices are booming.

I hope I'm not coming across dickish, just personally feel like you may of missed out of the bigger picture.