Santa Fe, the state capital, is the fourth largest city (~90,000) and stands out for its historic architecture, arts scene, and unique southwestern character. Founded in 1610 under Spanish colonial rule, it has a deep cultural heritage and many adobe/territorial‐style homes. The housing stock includes historic adobe homes in the downtown plaza area, newer homes in suburban neighbourhoods, and luxury hillside residences. The feel is something of a mid-sized city intertwined with significant rural/outdoor character — historic core is urban, surrounding zones become more semi‐rural. Home values are significantly higher here: median listing prices around USD $650,000. For building on the outskirts with land, especially in hillside or scenic lots, budgets of USD $350–500 per sq ft (or more) plus lot cost are realistic; a quality custom home could easily run USD $700k–1 M+ depending on size, finishes and view.