New Mexico is one of the largest states in the US and is famous due to its beautiful skies, landscapes and mountains.
Moreover, the lowest cost of living and the stunning scenery makes New Mexico worth a place to live and enjoy the romantic things in Carlsbad nm.
The average cost of living in New Mexico is 5% lower than the national average. Utilities are 11%, Groceries & Clothing 4%, Housing 8%, and Healthcare is 2% lower than the national average.
However, the monthly living cost of living in New Mexico for a single person is almost $1,033.
Cost of living varies from one region to another region of the state. A metropolitan city with all the amenities has high living costs and an undeveloped area has lowest living costs.
How much do you need to live comfortably in New Mexico?
According to the Zip Recruiters, you need to earn approximately $44,931 yearly and $3,744 monthly for a comfortable living in New Mexico.
What is the cheapest and safest place to live in New Mexico?
Rio Rancho is the cheapest and safest city with the lowest cost of living in New Mexico.
The population in Rio Rancho is 94,765 and is the fastest-growing city. The city is famous for its natural beauty and landscapes.
Besides Rio Rancho there are also other cities declared as the safest cities of New Mexico.
Living Costs in New Mexico
Living costs in New Mexico are lower than the other states of the US. Low living costs and the blue skies and scenery are the reasons people move to New Mexico.
Let’s break down the living costs in detail for a more clear understanding.
1. Utilities Prices in New Mexico
The essential utilities include electric, gas, and water bills. Other Utilities include the internet, garbage, heating, and cooling.
According to the recent data, the residents of New Mexico pay $342 monthly on utilities. However, the utilities are 11% lower than the national average.
What is the average electric bill in New Mexico?
The average electric bill in New Mexico is $137 monthly. However, the residents of the city, Albuquerque pay $120 monthly for electricity.
Why is my NM gas bill so high?
Gas bills in New Mexico are up to $211 monthly. The gas prices in New Mexico are high due to the War in Ukraine, Cold weather in the northeastern parts of the US and the constraints on the pipelines.
2. Groceries Prices in New Mexico
|Groceries in NM||Price of 1 kg Groceries in NM|
Are Groceries Cheaper in New Mexico?
Groceries in New Mexico are 4% cheaper than the national average. According to the EPI Budget calculator, a single adult spends $3,082 annually and a family of four spends $9,297 on groceries yearly.
How much is a loaf of bread in New Mexico?
A loaf of bread in New Mexico costs $1.38.
How much does a gallon of milk cost in New Mexico?
A gallon of Milk in New Mexico costs $3.72.
3. New Mexico Housing Market
The Housing Market in New Mexico is 8% lower than the national average. Housing prices vary from one city to another.
According to Zillow, the average housing price in New Mexico is $276,179 which is 7% up from the previous year. However, the average rent for a house of 2-bedrooms is $1,144 in New Mexico.
|Renting a House in NM||Renting prices in NM|
Is it a good time to buy real estate in New Mexico?
Yes, from April to June are the best times to buy a house in New Mexico. The housing properties are mostly on discount during these months.
Is real estate going up in New Mexico?
Yes, as a rule of thumb, housing prices always go up every year. The prices drop in rare cases only otherwise, in New Mexico prices are 7% up in this year from the previous one.
4. Tax rates in New Mexico
Tax rates in New Mexico range from 1.7% to 5.9 %. Corporate income tax in New Mexico ranges between 4.8-5.9%.
State sales tax in New Mexico is 5% and local sales tax is 3.8%. However, personal income tax depends upon the type of income bracket you are in.
Is New Mexico a tax-friendly state?
Yes, New Mexico is a tax-friendly state. The state offers various economic incentives and tax breaks on personal income. New Mexico also does not have inheritance or franchise tax.
Does New Mexico have high property tax?
No, New Mexico is among the states with lowest property tax rates. New Mexico is ranked at no. 18 with an effective real estate tax rate of 0.80%.
Does NM tax retirement income?
Yes, NM partially taxes the retirement income. New Mexico is moderately tax friendly towards retirees.
5. Education Cost in New Mexico
Education costs in New Mexico are higher than the national average. The average college tuition and fees for the year 2023 are $3,729 for in-state and $14,063 for out-of-state students.
However, the institutes provide tuition-free college to students with an income of $50,000 or less.
Which city has the cheapest education in New Mexico?
Albuquerque is the city with the cheapest educational college in New Mexico. Southwestern Indian Polytechnic Institute is the cheapest college among others in New Mexico.
Is public school free in New Mexico?
Yes, public schools in New Mexico are free.
6. New Mexico Child Care costs
Childcare costs in New Mexico are less than the national average. The average childcare cost in New Mexico ranges between $12 to $20 per hour.
The cost depends upon the location, qualifications and responsibilities needed.
Is daycare free in NM?
No, daycare is not free in New Mexico. But, the government lawmakers have made daycare free for a family with a certain income.
Is preschool free in New Mexico?
Yes, New Mexico PreK is a program which offers free preschool for the students of New Mexico.
What is the income limit for childcare assistance in NM?
According to the New Mexico law, families that make at or below the 350% or $97,125 of the Federal Poverty level qualify for child care assistance.
7. Cost of Healthcare in New Mexico
The healthcare costs in New Mexico are lower than the national average. According to recent data, the average cost for healthcare in New Mexico is $323 for a single person.
and for a family of four the costs are $10,213. These costs are lower than the national values.
Healthcare prices can vary according to the age, location and type of the medical health plan.
Does New Mexico have the affordable care act?
Yes, New Mexico has the affordable care act (ACA). According to this act, the residents of New Mexico can apply for health insurance plans during the annual open enrollment period.
The enrollment is open from November 1st to December 15, each year.
What is the income level to qualify for Medicaid in New Mexico?
To qualify for medicaid in New Mexico a resident must have income under $2,742 per month.
8. Public transportation costs in New Mexico
According to the recent data by EPI, the average transportation costs $9,746 for a single person annually in New Mexico.
However, according to the Zero Fares Pilot Program, from 2023 , the passengers will not have to pay for public rides through June 30.
The ABQ Ride, Sun Van, and ART will be free for the passengers until June 30 2023.
Is Albuquerque bus free?
Yes, the Albuquerque buses are free but the passengers have to show the pass for travelling.
How much does it cost to ride a ABQ bus in New Mexico?
It usually costs $2 to ride an ABQ bus in NM. But, due to a recent bill passed you can travel free in ABQ buses.
9. Miscellaneous things in New Mexico
|Miscellaneous things in NM||Cost of Miscellaneous things in NM|
|Dinner in restaurant||$54|
|Beer in a pub||$5.15|
10. Table of Living costs in New Mexico
|Living in NM||Costs in NM|
|Groceries prices||$3082 single person annually|
|Tax rates||1.7- 5.9%|
|Education costs||$3,729 for in-state students|
|Childcare costs||$12 – $20 per hour|
|Healthcare costs||$343 per person|
Cost of living in New Mexico FAQs
What is the minimum wage in New Mexico?
The minimum wage of New Mexico in 2023 is $12.00 per hour.
Is New Mexico a good place to retire?
Yes, New Mexico is a good place to retire. The beautiful landscapes and stunning scenery looks so serene and peaceful. Moreover, NM is a moderately tax friendly state for retirees.
Is it cheaper to live in Santa Fe or Albuquerque?
Living in Albuquerque is cheaper than living in Santa Fe. The cost of living in Santa Fe is 11% higher than in Albuquerque.
Living costs in New Mexico are lower than the national average. However, the living costs vary from one city to another.
Albuquerque is a cheaper city in New Mexico with all the essential facilities.
Utilities, Groceries, Healthcare, child care all are affordable in New Mexico. Moreover, Transport is free until June 30, 2023.
Other cities like Santa Fe, with their natural beauty are worth seeing and living. Discover whether it snows in Santa Fe, Nm.
- Grocery: https://bit.ly/3WnKGyU
- Housing Market: https://bit.ly/3MMhpLf
- Miscellaneous Cost: https://bit.ly/3Ix4UAR