Cost of Living in New Mexico

Avg Index: 67

23 cities · Updated March 2026

$992
Avg Rent / Month
$62,514
Avg Income
$209,352
Avg Home Value
67
Avg Cost Index
5.9%
Income Tax
5.0%
Sales Tax
Cheapest in New Mexico
Deming
Index: 40 · Rent: $596/mo
Most Expensive in New Mexico
Los Alamos
Index: 112 · Rent: $1,304/mo

New Mexico Cost of Living Overview

New Mexico is significantly more affordable than the national average, with a state-wide cost index of 67. The average monthly rent across New Mexico cities is $992, with median household incomes averaging $62,514 per year. The cheapest city is Deming (index 40) and the most expensive is Los Alamos (index 112).

New Mexico has a moderate tax environment with a 5.9% top income tax rate, 5.0% sales tax, and 0.67% effective property tax rate.

All 23 Cities in New Mexico — Ranked by Cost

Sorted from cheapest to most expensive (US average = 100)

#CityCost Index RentIncomeHome ValuePopulation
1 Deming 40 $596/mo $35,920 $112,800 14,735
2 Chaparral 48 $874/mo $46,102 $101,900 16,642
3 Las Vegas 49 $731/mo $42,732 $143,900 13,120
4 Roswell 53 $840/mo $50,294 $139,200 47,823
5 Gallup 54 $858/mo $57,466 $134,600 21,333
6 Portales 56 $870/mo $51,290 $132,900 12,023
7 Alamogordo 58 $886/mo $52,515 $163,600 31,063
8 Española 58 $832/mo $47,664 $205,100 10,472
9 Sunland Park 59 $770/mo $52,147 $194,900 17,085
10 Clovis 61 $947/mo $54,029 $160,000 38,153
11 Artesia 62 $875/mo $77,647 $213,800 12,555
12 Lovington 62 $1,063/mo $67,284 $162,900 11,444
13 South Valley 65 $942/mo $51,062 $205,200 36,605
14 Las Cruces 68 $946/mo $55,176 $217,400 112,612
15 Hobbs 70 $1,132/mo $65,691 $180,700 39,887
16 Carlsbad 71 $1,206/mo $78,277 $187,900 31,813
17 Farmington 72 $993/mo $63,745 $225,400 46,339
18 Los Lunas 79 $1,157/mo $63,696 $232,700 17,932
19 Albuquerque 80 $1,085/mo $65,604 $266,700 562,488
20 North Valley 80 $1,063/mo $67,115 $290,500 11,474
21 Rio Rancho 96 $1,481/mo $85,755 $273,300 106,533
22 Santa Fe 108 $1,380/mo $70,110 $411,500 88,224
23 Los Alamos 112 $1,304/mo $136,502 $458,200 13,471

Frequently Asked Questions

Common questions about cost of living in New Mexico

What is the cost of living in New Mexico?
The average cost of living index across 23 cities in New Mexico is 67 (US average = 100). Average rent is $992/month and median household income averages $62,514/year.
What is the cheapest city in New Mexico?
The cheapest city in New Mexico is Deming with a cost index of 40, median rent of $596/month, and median income of $35,920/year.
What is the most expensive city in New Mexico?
The most expensive city in New Mexico is Los Alamos with a cost index of 112, median rent of $1,304/month, and median income of $136,502/year.
What are 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%.
How many cities does CostToLive cover in New Mexico?
We track cost of living data for 23 cities in New Mexico with populations of 10,000 or more, using US Census Bureau ACS 2023 data.