Custom housing company finds foundation in old bank

RIO RANCHO — What used to be New Mexico Bank and Trust on the corner of NM 528 and Southern Boulevard is now a hodge-podge of businesses.

One of those newly settled businesses is GJ Gardner Homes, a custom home builder.

Ray Powers, franchise owner, and other staff celebrated the opening Nov. 13.

Powers said they offer affordable, customizable housing.

“It’s important for us to try and get this housing crisis under control, so we want to do our part and build custom homes,” he said.

New Mexico’s median home price was around $350,000, according to 2024 New Mexico Mortgage Finance Authority data. Rio Rancho’s trends between that and about $400,000. But while the city’s median is below the national average, it has a shortage of affordable housing. Additionally, city of Rio Rancho data between 2019 and 2023 shows household income ranges from $50,000 to $100,000.

The city website also states housing is affordable “when a households’ housing expenses are no more than 30% of their monthly income.”

Powers said they are here to meet that need because they can build affordable homes. Essentially, the cost depends on the client’s needs and there is no set price point until decisions are made, Powers explained.

“There’s a lot of people out there that want a house a certain way, and sometimes with other builders you don’t really get that, but with us we build your dream. If you want to have a swimming pool on the top of your roof, we’re going to make it possible for you to make your dreams come true,” he said.

The holdup for people buying a home, Powers said, is more often than not the interest rate.

“Interest rates have been high, and I don’t necessarily know if the interest rates are going to going to come down to where they used to be,” he said.

The Consumer Financial Protection Bureau reports that the average interest rate in New Mexico was around 7% for a fixed 30-year mortgage as of April. CFPB data is not being updated currently, according to the website.

But Powers said he thinks higher interest rates may have to be something “people get used to.”

Going forward, Powers wants to partner with realtors in the area. He said realtors will get a 3% commission on top of commission they get from selling the home, plus free advertisement through the company. He’s also looking to partner with investors.

GJ offers sample home designs on its website, gjgardner.com.