How High Is the Cost of Living in New Mexico in 2023? (2023)

FAQs

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 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.

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.

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.

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.

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.

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.

$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.

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.

Los Alamos

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.”

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.

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.

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%.

New Mexico has the lowest average cost of $232 per month.

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.

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.

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.

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.

Santa Fe

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.

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.

$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.

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.

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.

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.”

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.