What Is The Cost Of Living In New Mexico?

What Is The Cost Of Living In New Mexico?

August 19, 2022 Off By Altaf

The cost of living in New Mexico will help you to decide whether you should or shouldn’t move to New Mexico. Before knowing the cost of living you should know about New Mexico itself.  The state of New Mexico is located in the Southwestern United States. It is popular for its white sands, diverse landscapes, ancient pueblo people, and many more sceneries. But, you will experience very high medical expenses, which is one of the reasons behind the downfall of New Mexico. So, take a look at the cost of living in New Mexico

What Is The Cost Of Living In New Mexico?

The cost of living in New Mexico is low and it is about 3.1% lower than the national average cost. To know it in detail take a look over the given table. In which the cost of living in New Mexico is given with the reference to the US average cost of 100. If you found the living cost in New Mexico is less than 100 means New Mexico is cheaper than the national average cost and vice versa. 

Cost Of Living ForNew MexicoUSA
Housing83.6100
Grocery93.3100
Transportation84.6100
Utilities100.4100
Health82.6100
Miscellaneous94.8100
Median Home Cost$246,000$291,700
OverAll88.4100

Home Rent 

House rent is another concern while living life. What if you find a good home with a cheaper rent rate? Just wow. But it is not that simple. The table given below will give you the cost of living in different cities in New Mexico including the cost of living in Las Cruces New Mexico

CityApprox 1 Bedroom RentApprox 2 Bedroom Rent
Las Cruces $600 $1100
Albuquerque $422$1750
Santa Fe $1639$2400
Roswell $623$1300

Food Cost 

The food cost has an effective effect on the cost of living because it is a basic need. Therefore, when you look at the cost of living in New Mexico vs Texas then you will find that both places are affordable to live because of low food costs. The table given below shows you the cost of living in different cities of New Mexico including the cost of living in Albuquerque New Mexico.  

CityApprox Dinner For 2
Las Cruces $65
Albuquerque $45
Santa Fe $129
Roswell $53

Travel Cost 

After going through the cost of living in New Mexico vs California you find California is much more expensive than New Mexico. While coming to travel costs in New Mexico, where the average price of a 7-day trip to New Mexico is $1,070 for a solo person and $1,620 for a couple.  

Other Expenses 

Here are the other expenses given below in order to make you familiar with the living cost in New Mexico.  

Health Care 

A strong health care department denotes the development of the overall state of the country. It is a basic need of human beings. In New Mexico, the average cost of health insurance across all metal tiers is $394 per person, per month for a 40-year-old person.   

Utility Bills

Utility bills are different in New Mexico and Arizona. And the cost of living in New Mexico vs Arizona will describe it. In New Mexico, the average total utility cost is $239. Also, the monthly bills for electricity, internet, and gas are $81, $30, and $60 respectively.   

Internet Bills 

The cost of the internet depends on the type of internet and providers. So, here in New Mexico, the cost of Fibre Internet of speed 12 to 940 MBPS is around $49 per month. When you go through the cost of living in New Mexico Vs Florida, you found that the internet cost in New Mexico is higher than in Florida.   

Fitness

In New Mexico, the fitness cost is low with a starting cost of $10 per month. For fitness, you can join a gym and a fitness club. 

Entertainment

There will be no life without entertainment. People travel for entertainment on the holidays. So, entertainment and activities in Albuquerque typically cost an average of $20 per person per day.  For entertainment, you can visit the blue hole, the house of eternal return, Ra Paulette’s hand-carved art caves, and many more places.  

Taxes

In New Mexico state sales tax rate is currently 5.125%. The total tax rate can be as high as 9.0625%, depending on local municipalities.   

FAQ

Is New Mexico Expensive To Live In?

New Mexico is renowned for its low cost of living, about 3.1% lower than the national average. The average home in New Mexico costs roughly $151,000.

What Salary 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. According to Living Wage, a single person with no children can live off of $13.97 per hour in Mexico, or $26,880 a year.

Is New Mexico A Good State To Live?

A WalletHub study has compared the states on 52 indicators of livability and has determined that New Mexico ranks 50th as 2021’s best states to live in. The states were compared across five factors including affordability, economy, education and health, quality of life, and safety.

Is Living In New Mexico Cheap?

The majority of New Mexico enjoys a lower cost of living than the national average. Albuquerque is more expensive than other areas in New Mexico. The cost of living in Albuquerque is $50,000 to $60,000 per year. Housing costs in Albuquerque, New Mexico average nearly $20,000 every year.

Get to know more such amazing facts by visiting here.

Conclusion 

Now, you know what is the cost of living in New Mexico in detail. And from it you can say, New Mexico is a great place to live because of its cheaper rates and its 3.1% lower cost of living than the national average cost. After going through this article you can make a decision according to your budget or salary whether you have to move to New Mexico or not. Because now you know the cost of living in New Mexico.

 

 

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