Cost of Living in New Mexico
New Mexico has 11 cities with cost-of-living data on CompareLiving, drawn from US Census, BEA, HUD, and EPA sources. Prices range from Albuquerque (cost index 93.4) to Carlsbad (114.6), with a statewide average around 104.0 versus the US baseline of 100. Median rent is lowest in Roswell at $840/mo and highest in Rio Rancho at $1,481/mo.
New Mexico at a Glance
Cities Tracked
11
with census data
Avg Cost Index
104.0
US avg = 100
Avg Median Rent
$1,076
per month
Avg Household Income
$62,933
annual median
Most & Least Affordable Cities
Most Affordable
| City | Cost Index | Median Rent |
|---|---|---|
| Albuquerque | 93.4 | $1,085 |
| Carlsbad | 114.6 | $1,206 |
Most Expensive
| City | Cost Index | Median Rent |
|---|---|---|
| Carlsbad | 114.6 | $1,206 |
| Albuquerque | 93.4 | $1,085 |
Cost Index = BEA Regional Price Parity (US avg = 100)
Taxes in New Mexico
State Income Tax
5.90%
Top marginal rate · Tax Foundation 2024
State Sales Tax
4.88%
Statewide base rate · local add-ons may apply
Popular Cities in New Mexico
New Mexico Cities — Full Table
Click columns to sort
| Albuquerque | 562,488 | 93.4 | $1,085 | $266,700 | $65,604 |
| Las Cruces | 112,612 | — | $946 | $217,400 | $55,176 |
| Rio Rancho | 106,533 | — | $1,481 | $273,300 | $85,755 |
| Santa Fe | 88,224 | — | $1,380 | $411,500 | $70,110 |
| Roswell | 47,823 | — | $840 | $139,200 | $50,294 |
| Farmington | 46,339 | — | $993 | $225,400 | $63,745 |
| Hobbs | 39,887 | — | $1,132 | $180,700 | $65,691 |
| Clovis | 38,153 | — | $947 | $160,000 | $54,029 |
| South Valley | 36,605 | — | $942 | $205,200 | $51,062 |
| Carlsbad | 31,813 | 114.6 | $1,206 | $187,900 | $78,277 |
| Alamogordo | 31,063 | — | $886 | $163,600 | $52,515 |
Cost Index = BEA Regional Price Parity (US avg = 100) · Income & Rent = US Census ACS
Compare New Mexico cities head-to-head
Use our comparison tool to put any two cities side by side. Or explore national rankings to see how New Mexico cities stack up across the US. For example, Albuquerque vs Las Cruces.
Frequently Asked Questions about Cost of Living in New Mexico
What is the cost of living in New Mexico?
The average cost of living index across cities in New Mexico is approximately 104.0 (US average = 100), which is slightly above the US average. Median gross rent averages around $1,076/month and median household income averages around $62,933/year.
What are the cheapest cities to live in New Mexico?
The most affordable cities in New Mexico by cost of living index are: 1. Albuquerque (index 93.4), 2. Carlsbad (index 114.6).
What is the median rent in New Mexico?
The average median gross rent across cities in New Mexico is approximately $1,076/month. Rent varies significantly by city and neighborhood — use the city profiles below for specific figures.
What are the income tax rates in New Mexico?
New Mexico's top marginal state income tax rate is 5.90%. This is the highest bracket rate; lower-income earners pay less. Source: Tax Foundation (2024).
What is the sales tax in New Mexico?
New Mexico's statewide sales tax rate is 4.88%. Local city and county rates may add to this. Source: Tax Foundation (2024).
Is it expensive to move to New Mexico?
New Mexico has a cost of living index of approximately 104.0 and average median rent around $1,076/month. It is somewhat above the US average in cost, so factor that into your relocation budget. Use our moving guides for salary equivalence calculations.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, Tax Foundation · Methodology