Portales, NM

Very Low · 56

New Mexico · Population 12,023 · Updated March 2026

$870
Median Rent / Month
$51,290
Median Income
$132,900
Median Home Value
$937
Owner Costs / Month

Affordability

How far your income goes in Portales

20.4%
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

$10,440
Annual Rent
$3,026
State Income Tax
$890
Property Tax (est.)

Cost of Living Overview

Portales is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 56 (where 100 equals the national median), Portales residents can expect to pay median rent of $870/month while earning a median household income of $51,290/year.

The median home value in Portales, NM is $132,900, with typical monthly owner costs around $937 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.4% 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 Portales.

Frequently Asked Questions

Common questions about living costs in Portales

What is the cost of living in Portales, NM?
The cost of living index in Portales, NM is 56 (US average = 100). Median monthly rent is $870, median household income is $51,290/year, and the median home value is $132,900.
Is Portales, NM affordable?
Yes, Portales is more affordable than the national average with a cost index of 56. The rent-to-income ratio is 20.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Portales, NM?
The median gross rent in Portales, NM is $870 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,440.
What is the median household income in Portales?
The median household income in Portales, NM is $51,290 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%.