Santa Fe, NM

Average · 108

New Mexico · Population 88,224 · Updated March 2026

$1,380
Median Rent / Month
$70,110
Median Income
$411,500
Median Home Value
$1,334
Owner Costs / Month

Affordability

How far your income goes in Santa Fe

23.6%
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

$16,560
Annual Rent
$4,136
State Income Tax
$2,757
Property Tax (est.)

Cost of Living Overview

Santa Fe is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 108 (where 100 equals the national median), Santa Fe residents can expect to pay median rent of $1,380/month while earning a median household income of $70,110/year.

The median home value in Santa Fe, NM is $411,500, with typical monthly owner costs around $1,334 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.6% 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 Santa Fe.

Frequently Asked Questions

Common questions about living costs in Santa Fe

What is the cost of living in Santa Fe, NM?
The cost of living index in Santa Fe, NM is 108 (US average = 100). Median monthly rent is $1,380, median household income is $70,110/year, and the median home value is $411,500.
Is Santa Fe, NM affordable?
No, Santa Fe is more expensive than the national average with a cost index of 108. The rent-to-income ratio is 23.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Santa Fe, NM?
The median gross rent in Santa Fe, NM is $1,380 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,560.
What is the median household income in Santa Fe?
The median household income in Santa Fe, NM is $70,110 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%.