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Cost of living in New Mexico

Everyday prices in New Mexico run 7.8% below the US average, the 15th lowest of 51 states and DC.

By Sol Lakein. Updated November 2026.

New Mexico next to New York and the US

Longer bar = costs more.1,4,2,3
New MexicoUnited StatesNew York metro

How affordable is New Mexico?

Rent and home prices next to what households earn.6
$67,620
Typical household incomeA year · 48th highest of 51
20%
Of income goes to rentA year of 2-bed rent ($1,133/mo) against median income ($67,620). 31st lowest of 51.
5.9
Years of income to buy a home$399,475 median listing against $67,620 income. 42nd lowest of 50.

Are people moving to New Mexico?

2,267 more people left New Mexico for other states than arrived between July 2024 and July 2025 (Census Bureau estimates).

Where Americans are moving5

Metro areas in New Mexico

Cheapest first. Tap one for its full cost of living.1,4,2
Price levelUS averageShorter bar = cheaper, longer = pricier
  1. 1Albuquerque, NM4% cheaper than average
    2-bed rent
    $1,302
    Typical home
    $410,750
    Mortgage
    $2,257/mo

New Mexico next to its neighbors

The states that border New Mexico, on the same measures. The number is each state's national rank on everyday prices.1,4,2
  1. 4Oklahoma12% cheaper than average
    2-bed rent
    $1,085
    Typical home
    $296,643
    Net moves
    +14,492
  2. 15New MexicoThis state8% cheaper than average
    2-bed rent
    $1,133
    Typical home
    $399,475
    Net moves
    -2,267
  3. 27Texas3% cheaper than average
    2-bed rent
    $1,533
    Typical home
    $355,765
    Net moves
    +67,299
  4. 31Utah1% cheaper than average
    2-bed rent
    $1,579
    Typical home
    $579,000
    Net moves
    +3,343
Show 2 more
  1. 35Arizona1% pricier than average
    2-bed rent
    $1,699
    Typical home
    $459,900
    Net moves
    +31,107
  2. 39Colorado3% pricier than average
    2-bed rent
    $1,900
    Typical home
    $564,000
    Net moves
    -12,100

New Mexico by the numbers

Every figure on this page, as tables

New Mexico next to New York and the US

PlacePrice levelHousingTypical homeMonthly payment2-bedroom rent
New Mexico92.273.6$399,475$2,195$1,133
United States100.0100.0$419,250$2,304$1,563
New York metro112.6148.6$742,000$4,078$1,997

Metro areas in New Mexico

MetroPrice level2-bedroom rentTypical home
Albuquerque, NM95.5$1,302$410,750

New Mexico next to its neighbors

StatePrice level2-bedroom rentTypical homeNet moves from other states
New Mexico92.2$1,133$399,475-2,267
Arizona100.7$1,699$459,900+31,107
Colorado103.1$1,900$564,000-12,100
Oklahoma87.8$1,085$296,643+14,492
Texas97.1$1,533$355,765+67,299
Utah98.9$1,579$579,000+3,343

Net moves from other states

Year (July to July)Net moves from other states
2019-20+1,221
2020-21-978
2021-22-4,615
2022-23-1,524
2023-24-1,874
2024-25-2,267

States with a similar cost of living to New Mexico

Keep comparing

New Mexico cost of living: questions people ask

What is the cost of living in New Mexico?

Everyday prices in New Mexico run 7.8% below the US average, the 15th lowest of 51 states and DC (BEA, 2024). Housing costs, rent included, index at 73.6 against a US average of 100. The median listed home is $399,475 (Realtor.com, September 2026), about $2,195 a month in principal and interest. The median 2-bedroom rent is $1,133 a month, utilities included (Census, 2025). A $150,000 salary in New York buys the same as $122,881 in New Mexico.

Is New Mexico cheap or expensive to live in?

Cheaper than average. New Mexico's regional price parity is 92.2, so the same basket of goods, services and rent costs 7.8% less than the US average (BEA, 2024).

How much does a house cost in New Mexico?

The median listed home in New Mexico is $399,475 as of September 2026 (Realtor.com via FRED), against $419,250 nationally. That ranks 24th lowest of 50. With 20% down at 7.32%, principal and interest run about $2,195 a month.

How much is rent in New Mexico?

The median gross rent for a 2-bedroom in New Mexico is $1,133 a month, including utilities the renter pays, against $1,563 for the US (Census American Community Survey, 2025).

What salary in New Mexico equals $150,000 in New York?

About $122,881, using BEA regional price parities for New Mexico (92.2) and the New York metro (112.6), 2024.

Are people moving to New Mexico?

2,267 more people left New Mexico for other states than arrived between July 2024 and July 2025 (Census Bureau estimates).

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Notes on the numbers
  1. 1Everyday prices, housing costs and price levels: BEA regional price parities via FRED, 2024, where the US average is 100. In ranked lists, 1 is the cheapest.
  2. 2Homes: the typical home is the median listing price, Realtor.com via FRED, September 2026.
  3. 3Mortgage: Principal and interest on the median listed home with 20% down, 30-year fixed at 7.32% (Freddie Mac 30-year fixed average, week of October 22, 2026). Excludes taxes, insurance and HOA.
  4. 4Rent: Census ACS 2025 1-year, median gross rent for 2-bedroom units, including utilities.
  5. 5Net moves: US Census Bureau population estimates, net domestic migration, July to July.
  6. 6Affordability: our arithmetic on Census median gross rent (2025), Census median household income (2025) and Realtor.com median listing price (September 2026). Rank 1 is the most affordable.
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