New Mexico is one of the largest states in the US and is famous due to its beautiful skies, landscapes and mountains.
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Moreover, the lowest cost of living and the stunning scenery makes New Mexico worth a place to live and enjoy the romantic things in Carlsbad nm.
The average cost of living in New Mexico is 5% lower than the national average. Utilities are 11%, Groceries & Clothing 4%, Housing 8%, and Healthcare is 2% lower than the national average.
However, the monthly living cost of living in New Mexico for a single person is almost $1,033.
Cost of living varies from one region to another region of the state. A metropolitan city with all the amenities has high living costs and an undeveloped area has lowest living costs.
How much do you need to live comfortably in New Mexico?
According to the Zip Recruiters, you need to earn approximately $44,931 yearly and $3,744 monthly for a comfortable living in New Mexico.
What is the cheapest and safest place to live in New Mexico?
Rio Rancho is the cheapest and safest city with the lowest cost of living in New Mexico.
The population in Rio Rancho is 94,765 and is the fastest-growing city. The city is famous for its natural beauty and landscapes.
Besides Rio Rancho there are also other cities declared as the safest cities of New Mexico.
Living Costs in New Mexico
Living costs in New Mexico are lower than the other states of the US. Low living costs and the blue skies and scenery are the reasons people move to New Mexico.
Let’s break down the living costs in detail for a more clear understanding.
1. Utilities Prices in New Mexico
The essential utilities include electric, gas, and water bills. Other Utilities include the internet, garbage, heating, and cooling.
According to the recent data, the residents of New Mexico pay $342 monthly on utilities. However, the utilities are 11% lower than the national average.
What is the average electric bill in New Mexico?
The average electric bill in New Mexico is $137 monthly. However, the residents of the city, Albuquerque pay $120 monthly for electricity.
Why is my NM gas bill so high?
Gas bills in New Mexico are up to $211 monthly. The gas prices in New Mexico are high due to the War in Ukraine, Cold weather in the northeastern parts of the US and the constraints on the pipelines.
2. Groceries Prices in New Mexico
|Groceries in NM||Price of 1 kg Groceries in NM|
Are Groceries Cheaper in New Mexico?
Groceries in New Mexico are 4% cheaper than the national average. According to the EPI Budget calculator, a single adult spends $3,082 annually and a family of four spends $9,297 on groceries yearly.
How much is a loaf of bread in New Mexico?
A loaf of bread in New Mexico costs $1.38.
How much does a gallon of milk cost in New Mexico?
A gallon of Milk in New Mexico costs $3.72.
3. New Mexico Housing Market
The Housing Market in New Mexico is 8% lower than the national average. Housing prices vary from one city to another.
According to Zillow, the average housing price in New Mexico is $276,179 which is 7% up from the previous year. However, the average rent for a house of 2-bedrooms is $1,144 in New Mexico.
|Renting a House in NM||Renting prices in NM|
Is it a good time to buy real estate in New Mexico?
Yes, from April to June are the best times to buy a house in New Mexico. The housing properties are mostly on discount during these months.
Is real estate going up in New Mexico?
Yes, as a rule of thumb, housing prices always go up every year. The prices drop in rare cases only otherwise, in New Mexico prices are 7% up in this year from the previous one.
4. Tax rates in New Mexico
Tax rates in New Mexico range from 1.7% to 5.9 %. Corporate income tax in New Mexico ranges between 4.8-5.9%.
State sales tax in New Mexico is 5% and local sales tax is 3.8%. However, personal income tax depends upon the type of income bracket you are in.
Is New Mexico a tax-friendly state?
Yes, New Mexico is a tax-friendly state. The state offers various economic incentives and tax breaks on personal income. New Mexico also does not have inheritance or franchise tax.
Does New Mexico have high property tax?
No, New Mexico is among the states with lowest property tax rates. New Mexico is ranked at no. 18 with an effective real estate tax rate of 0.80%.
Does NM tax retirement income?
Yes, NM partially taxes the retirement income. New Mexico is moderately tax friendly towards retirees.
5. Education Cost in New Mexico
Education costs in New Mexico are higher than the national average. The average college tuition and fees for the year 2023 are $3,729 for in-state and $14,063 for out-of-state students.
However, the institutes provide tuition-free college to students with an income of $50,000 or less.
Which city has the cheapest education in New Mexico?
Albuquerque is the city with the cheapest educational college in New Mexico. Southwestern Indian Polytechnic Institute is the cheapest college among others in New Mexico.
Is public school free in New Mexico?
Yes, public schools in New Mexico are free.
6. New Mexico Child Care costs
Childcare costs in New Mexico are less than the national average. The average childcare cost in New Mexico ranges between $12 to $20 per hour.
The cost depends upon the location, qualifications and responsibilities needed.
Is daycare free in NM?
No, daycare is not free in New Mexico. But, the government lawmakers have made daycare free for a family with a certain income.
Is preschool free in New Mexico?
Yes, New Mexico PreK is a program which offers free preschool for the students of New Mexico.
What is the income limit for childcare assistance in NM?
According to the New Mexico law, families that make at or below the 350% or $97,125 of the Federal Poverty level qualify for child care assistance.
7. Cost of Healthcare in New Mexico
The healthcare costs in New Mexico are lower than the national average. According to recent data, the average cost for healthcare in New Mexico is $323 for a single person.
and for a family of four the costs are $10,213. These costs are lower than the national values.
Healthcare prices can vary according to the age, location and type of the medical health plan.
Does New Mexico have the affordable care act?
Yes, New Mexico has the affordable care act (ACA). According to this act, the residents of New Mexico can apply for health insurance plans during the annual open enrollment period.
The enrollment is open from November 1st to December 15, each year.
What is the income level to qualify for Medicaid in New Mexico?
To qualify for medicaid in New Mexico a resident must have income under $2,742 per month.
8. Public transportation costs in New Mexico
According to the recent data by EPI, the average transportation costs $9,746 for a single person annually in New Mexico.
However, according to the Zero Fares Pilot Program, from 2023 , the passengers will not have to pay for public rides through June 30.
The ABQ Ride, Sun Van, and ART will be free for the passengers until June 30 2023.
Is Albuquerque bus free?
Yes, the Albuquerque buses are free but the passengers have to show the pass for travelling.
How much does it cost to ride a ABQ bus in New Mexico?
It usually costs $2 to ride an ABQ bus in NM. But, due to a recent bill passed you can travel free in ABQ buses.
9. Miscellaneous things in New Mexico
|Miscellaneous things in NM||Cost of Miscellaneous things in NM|
|Dinner in restaurant||$54|
|Beer in a pub||$5.15|
10. Table of Living costs in New Mexico
|Living in NM||Costs in NM|
|Groceries prices||$3082 single person annually|
|Tax rates||1.7- 5.9%|
|Education costs||$3,729 for in-state students|
|Childcare costs||$12 – $20 per hour|
|Healthcare costs||$343 per person|
Cost of living in New Mexico FAQs
What is the minimum wage in New Mexico?
The minimum wage of New Mexico in 2023 is $12.00 per hour.
Is New Mexico a good place to retire?
Yes, New Mexico is a good place to retire. The beautiful landscapes and stunning scenery looks so serene and peaceful. Moreover, NM is a moderately tax friendly state for retirees.
Is it cheaper to live in Santa Fe or Albuquerque?
Living in Albuquerque is cheaper than living in Santa Fe. The cost of living in Santa Fe is 11% higher than in Albuquerque.
Living costs in New Mexico are lower than the national average. However, the living costs vary from one city to another.
Albuquerque is a cheaper city in New Mexico with all the essential facilities.
Utilities, Groceries, Healthcare, child care all are affordable in New Mexico. Moreover, Transport is free until June 30, 2023.
Other cities like Santa Fe, with their natural beauty are worth seeing and living. Discover whether it snows in Santa Fe, Nm.
- Grocery: https://bit.ly/3WnKGyU
- Housing Market: https://bit.ly/3MMhpLf
- Miscellaneous Cost: https://bit.ly/3Ix4UAR
How much does it cost to live in Albuquerque in 2023? ›
A family of four estimated monthly costs are 3,630.3$ without rent. A single person estimated monthly costs are 1,031.8$ without rent. Albuquerque is 27.9% less expensive than New York (without rent).How much money do you need to live comfortably in New Mexico? ›
How much do you need to live comfortably in New Mexico? The income needed to live comfortably in New Mexico is $42,445. 50% of this is for necessities, 30% is for discretionary spending, and 20% is for savings.Does New Mexico have a high cost of living? ›
The cost of living in New Mexico is 5% lower than the national average. Housing is 8% lower than the national average, while utilities are 11% lower. When it comes to basic necessities such as food and clothing, groceries are around 4% lower than in the rest of the country, while clothing costs 4% lower.Is it cheaper to live in New Mexico or Arizona? ›
The cost of living in Albuquerque, NM is -11.3% lower than in Phoenix, AZ. You would have to earn a salary of $53,218 to maintain your current standard of living. Employers in Albuquerque, NM typically pay -4.8% less than employers in Phoenix, AZ.Where is the cheapest place to live in 2023? ›
Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.What is the most expensive place to live 2023? ›
Tied with New York, Singapore often tops the list. For starters, because it is such a small area, land is incredibly scarce. In addition, as the demand for property has increased the supply has been limited, making the real estate market very competitive.Can I live on $500 a month in Mexico? ›
Believe it or not, it is possible to live on $500 a month in Mexico. But the real question is, “Do you really want to do that?” The lifestyle with that budget won't suit most people, and you might not survive long if you're living that frugally.What is the average price of a house in New Mexico? ›
$284,090. The average New Mexico home value is $284,090, up 4.9% over the past year and goes to pending in around 9 days.Is rent high in New Mexico? ›
The median price for a one bedroom apartment is sitting at $1,079/month. That's an 11.5% increase from this time last year and a 40% increase from March 2020.Where is the best place to live in New Mexico? ›
You will be delighted to hear that the best place to live in New Mexico is Los Alamos, nestled beneath the foothills of the Pajarito Mountain' the Jemez Mountain Range. This 11,000-strong community of New Mexicans just adore living here in Los Alamos and who can blame them.
What is the average electric bill in New Mexico? ›
Monthly electric bills are a product of how much electricity you use per month and your electric rate. In New Mexico, the average monthly electric bill for residential customers is $118/month, which is calculated by multiplying the average monthly consumption by the average electric rate: 762 kWh * 15 ¢/kWh.Is it more expensive to live in Texas or New Mexico? ›
Cost of Living
New Mexico and Texas are both affordable places to live compared to the national average. However, cost of living is 5% higher in Texas, where larger cities and more expensive houses contribute to higher prices in almost every category.
Albuquerque is a more affordable place to live compared to Santa Fe. Albuquerque has a Cost of Living Index that is 9.2% higher than the national average, whereas Santa Fe is 14% higher than the national average.Is it a good idea to retire to New Mexico? ›
New Mexico ranked No. 30. According to the study, 25% of non-retired adults haven't saved any money for retirement. In order to identify the most retirement-friendly states, WalletHub compared the 50 states across three key dimensions: Affordability, Quality of Life and Health Care.Where can I live for $500 a month in USA? ›
- Greenville, OH. Listing: Wayne Crossing. ...
- Wichita, KS. Listing: Eagle Creek. ...
- Lawton, OK. Listing: Sheridan Square Apartments. ...
- Amarillo, TX. ...
- Indianapolis, IN. ...
- Searcy, AR. ...
- Shreveport, LA. ...
- Jackson, MS.
Based on migration data from the U.S. Census Bureau, Americans are moving to Austin, Texas; Raleigh, North Carolina; Orlando, Florida; Dallas, Texas; and Phoenix, Arizona. The most moved-to cities are based on percentage increases in population since 2010.Will things get cheaper in 2023? ›
Inflation seems to be slowing, and some things could start to get cheaper in 2023. The cost of real estate, rental, cars, and gas could fall, at least a little. Don't get too excited about potential price drops, as there's still a lot of uncertainty about the economy.What state is most affordable? ›
- 13 Cheapest States to Live in for 2023. Here they are, folks: ...
- Mississippi. Mississippi is the cheapest place to live in the United States, with a cost of living 15.6% lower than the national average. ...
- Oklahoma. Let's head west! ...
- Kansas. ...
- Alabama. ...
- Georgia. ...
- Ohio. ...
Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.What are the 4 most expensive states? ›
The ten most expensive states to live in are Hawaii, Massachusetts, California, New York, Alaska, Maryland, Oregon, Connecticut, New Hampshire, and Vermont. Hawaii is the most expensive state to live in, with a cost of living index of 184.
Can I retire in Mexico on $1,500 a month? ›
Yes, you can absolutely live in Mexico for $1500/month. Many people already do it. The trick is having and sticking to a budget. You'll have to set a realistic budget for a rental, health insurance, groceries, eating out, transportation, and entertainment.Can I retire on $2000 a month in Mexico? ›
A retired couple can expect to retire comfortably in Mexico with an average income of about $2,500 a month, or $30,000 a year, according to InternationalLiving.com. These figures include the cost of a house, a maid service, utilities, groceries, entertainment, health insurance and more.Where is the cheapest and safest place to live in Mexico? ›
Puebla is one of the cheapest places to live in Mexico. The monthly cost of living in Puebla starts from around $1,150 USD depending on your lifestyle choices. This includes rent, groceries, eating out, activities, coffee, and more. If you're a couple, it's more like $1,900 USD.How high are property taxes in New Mexico? ›
New Mexico ranked No. 18 with an effective real estate tax rate of 0.80%. The study ranked states based on which states have the most and least property tax load; a factor that is often taken into consideration when deciding where to live.Why is property so cheap in New Mexico? ›
Cheaper Property Taxes
Plus, the state limits property tax increases with a valuation cap limiting annual appraised value increases to just 3%. This keeps taxes for homeowners in the state extremely low. With these low taxes, purchasing land in New Mexico is much more affordable than in any surrounding state.
With a relatively affordable housing market, steady job growth, and a strong tourism industry, New Mexico is one of the best states to invest in real estate.What is the healthiest city in New Mexico? ›
U.S. News & World Report released its annual rankings for the Healthiest Communities in the U.S., and in 2022 Los Alamos County, New Mexico, came out on top for the third year in a row. It's the first community to take the number-one spot more than twice.Is there anywhere safe to live in New Mexico? ›
New Mexico's safest city is Los Alamos, earning a very high 0.98 Safety Index score that dwarfs those of every other community in the state.What are the poorest cities in New Mexico? ›
Of the 141 towns in the state with available data, University Park ranks as the poorest. The typical University Park household earns just $19,125 a year, 64.6% less than the statewide median household income. Given the low incomes, it is not surprising that a larger than average share of residents live in poverty.What are the pros and cons of living in New Mexico? ›
|Pros of Living in New Mexico||Cons of Living in New Mexico|
|1.Plenty of Open Space||1. Poor Infrastructure|
|2. Plenty of Outdoor Activities||2. Poorly Performing Schools|
|3. Thriving Arts Scene||3. Extreme Summer Conditions|
|4. Culturally Diverse||4. Requires a Vehicle|
How much can I legally raise rent in New Mexico? ›
Rent – New Mexico prohibits rent control on state and local levels, so landlords may charge whatever they deem reasonable for rent. There are also no limits for raising rent, but they must notify month-to-month tenants at least 30 days before the new rent takes effect.Why is rent so high in ABQ? ›
More people moving into Albuquerque generally means higher rent. “We do have people moving into Albuquerque. We're seeing an upshift in jobs, which is all positive, but that's also causing the demand,” Sheldon explains. “With more demand and less supply, you're looking at prices going up.”Is it better to live in Colorado or New Mexico? ›
New Mexico offers a more cultural appeal, while Colorado has the edge when it comes to the mountains and scenic landscapes. That said, New Mexico comes out on top because the cost is more affordable and less crowded.How much are utilities in NM? ›
New Mexico ranked just slightly cheaper than California, where locals paid an average of $347 per month for utilities. Utility costs averaged above $400 per month in a few states.Where does New Mexico get most of its electricity? ›
New Mexico is among the top states in wind energy potential. Much of it is on the high plains in the eastern half of the state. In 2022, wind energy contributed 84% of New Mexico's renewable generation and provided the largest share of the state's total in-state generation at 35%.How much is water in New Mexico? ›
New Mexico has the lowest average cost of $232 per month.Is it cheaper to live in New Mexico than Florida? ›
New Mexico is 13.6% cheaper than Florida.
Florida vs. Florida vs. Florida vs. Florida vs.
Living in New Mexico, USA Vs Utah, USA
Median home value - New Mexico, USA is 46% below Utah, USA and 23% below the national average.
Along with low property taxes, state income tax is 31% lower than the national average, making Albuquerque an affordable place to live. As with any city, some areas are more cost-effective than others, but fortunately, a variety of safe, affordable neighborhoods in ABQ are available to choose from.How much do you need to live comfortably in Albuquerque? ›
According to the study, the average price for rent in Albuquerque is $1,429, so they calculated that people would need to be making $57,166 to afford to live there. From 2021 to 2022, they found there was a 16.76% increase in average rent costs for Duke City.
How much money do you need to live comfortably in Santa Fe NM? ›
Santa Fe households with two adults and two children need to make approximately $81,217 per year to live well. This figure takes into account expenses such as food, transportation, housing, child care, taxes, health care, and other necessities.Do seniors pay property taxes in New Mexico? ›
New Mexico income tax filers of any age may claim a deduction for the prior tax year's unreimbursed and uncompensated medical expenses not already itemized on the federal 1040 return. This deduction is As a New Mexico resident at least 65 years old you may claim special in- come tax and property tax benefits.Do you pay tax on Social Security in New Mexico? ›
Is Social Security taxable in New Mexico? Social Security retirement benefits are taxable in New Mexico, but they are also partially deductible. The exemption is $2,500 for taxpayers under the age of 65. For persons age 65 and older, the deduction is $8,000.What city in New Mexico has the best weather? ›
The city enjoys an average of 283 days of sunshine each year, so the weather is generally clear and dry, even in the coldest of months. The average daily highs in this part of New Mexico in winter are in the 40s, with a dusting of snow on the ground.
To comfortably live in a one-bedroom apartment in Albuquerque, you should earn at least $43,200 a year. The median income in Albuquerque is $53,936, which provides a comfortable lifestyle.How expensive is Albuquerque to live in? ›
Albuquerque's housing expenses are 12% lower than the national average and the utility prices are 8% lower than the national average. Transportation expenses like bus fares and gas prices are 7% lower than the national average. Albuquerque has grocery prices that are 2% lower than the national average.How much does it cost to live comfortably in Albuquerque New Mexico? ›
$42,445. According to gobankingrates.com, Albuquerque is among the top five most affordable cities for living comfortably. According to the study, Albuquerque is home to some of the cheapest median rents, groceries and health care costs.Can you live comfortably in Mexico for $1000 a month? ›
In Mexico, you can live a comfortable life on $1,000 a month. The average cost of living for expats, digital nomads and retirees varies between $600 to $2,000 depending on one's lifestyle choices and their location. Baseline costs in Mexico are around $750 a month.What is considered middle class in Albuquerque? ›
SmartAsset says Albuquerque's middle class starts at an income of $36,175 per year. That would mean you need to make more than $15 per hour (working 40 hours a week) to have a middle-class income. They also place the upper limit on Albuquerque's middle class at about $108,000.What is the minimum wage in New Mexico 2023? ›
2023 Minimum Wage Rates
*Beginning January 1, 2023 the State of New Mexico minimum wage rate increases to $12.00 per hour.
Why is Albuquerque rent so high? ›
More people moving into Albuquerque generally means higher rent. “We do have people moving into Albuquerque. We're seeing an upshift in jobs, which is all positive, but that's also causing the demand,” Sheldon explains. “With more demand and less supply, you're looking at prices going up.”Is it a good idea to move to Albuquerque New Mexico? ›
Along with low property taxes, state income tax is 31% lower than the national average, making Albuquerque an affordable place to live. As with any city, some areas are more cost-effective than others, but fortunately, a variety of safe, affordable neighborhoods in ABQ are available to choose from.What is the minimum wage in New Mexico? ›