Clovis, NM

Very Low · 61

New Mexico · Population 38,153 · Updated March 2026

$947
Median Rent / Month
$54,029
Median Income
$160,000
Median Home Value
$918
Owner Costs / Month

Affordability

How far your income goes in Clovis

21.0%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New Mexico

State-level tax rates that affect your costs

5.9%
Income Tax (Top Rate)
5.0%
Sales Tax
0.67%
Property Tax Rate

Estimated Annual Costs

$11,364
Annual Rent
$3,188
State Income Tax
$1,072
Property Tax (est.)

Cost of Living Overview

Clovis is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 61 (where 100 equals the national median), Clovis residents can expect to pay median rent of $947/month while earning a median household income of $54,029/year.

The median home value in Clovis, NM is $160,000, with typical monthly owner costs around $918 including mortgage, insurance, and taxes. The median rent-to-income ratio of 21.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New Mexico has a moderate income tax rate of 5.9%. Combined with a 5.0% sales tax rate and 0.67% effective property tax rate, the overall tax environment is a factor in the total cost of living in Clovis.

Frequently Asked Questions

Common questions about living costs in Clovis

What is the cost of living in Clovis, NM?
The cost of living index in Clovis, NM is 61 (US average = 100). Median monthly rent is $947, median household income is $54,029/year, and the median home value is $160,000.
Is Clovis, NM affordable?
Yes, Clovis is more affordable than the national average with a cost index of 61. The rent-to-income ratio is 21.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Clovis, NM?
The median gross rent in Clovis, NM is $947 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,364.
What is the median household income in Clovis?
The median household income in Clovis, NM is $54,029 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Mexico?
New Mexico has a top income tax rate of 5.9%, a sales tax of 5.0%, and an effective property tax rate of 0.67%.