Cost of Living in New Mexico
Updated November 2026 · population 2,120,246
New Mexico prices are 7.8% below the US average (index 92.2), ranking 37th most expensive of 51 states and DC; housing is the biggest saving at 73.6, and a single adult's modelled budget at state-average prices is about $2,299 a month.
Prices by category
New Mexico price index by category, US average = 100: All items 92.2, Housing (rents) 73.6, Goods 96.1, Utilities 77.9, Other services 98.5
| Area | All items |
|---|---|
| New Mexico (whole state) | 92.2 |
| Metropolitan areas of New Mexico | 94.8 |
| Nonmetropolitan areas of New Mexico | 85.9 |
Cities in New Mexico
Select a column heading to sort.
| Albuquerque | 562,218 | 95.4 | $2,385 | $4,976 | $1,145 | $291,500 |
| Las Cruces | 114,197 | 91.5 | $2,212 | $4,604 | $974 | $231,700 |
| Rio Rancho | 108,515 | 100.5 | $2,560 | $5,148 | $1,514 | $310,200 |
| Santa Fe | 89,019 | 99.5 | $2,678 | $5,334 | $1,463 | $444,900 |
Metro areas in New Mexico
| Metro area | All items | Housing |
|---|---|---|
| Santa Fe, NM | 98.8 | 108.0 |
| Albuquerque, NM | 95.5 | 89.2 |
| Las Cruces, NM | 90.2 | 63.0 |
| Farmington, NM | 87.7 | 56.6 |
BEA Regional Price Parities 2024 for metropolitan statistical areas that include part of New Mexico.
Modelled monthly budget at New Mexico average prices
1 adult · 1-bedroom · modelled estimate for New Mexico (state average)
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $755 | $9,060 | 33% |
| Utilities | $192 | $2,304 | 8% |
| Food at home | $271 | $3,252 | 12% |
| Transportation | $573 | $6,876 | 25% |
| Health care | $346 | $4,152 | 15% |
| Clothing, personal care & supplies | $162 | $1,944 | 7% |
| Total | $2,299 | $27,588 | 100% |
2 adults · 2-bedroom · modelled estimate for New Mexico (state average)
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $904 | $10,848 | 24% |
| Utilities | $307 | $3,684 | 8% |
| Food at home | $501 | $6,012 | 13% |
| Transportation | $1,135 | $13,620 | 30% |
| Health care | $642 | $7,704 | 17% |
| Clothing, personal care & supplies | $319 | $3,828 | 8% |
| Total | $3,808 | $45,696 | 100% |
2 adults + 2 children · 3-bedroom · modelled estimate for New Mexico (state average)
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $1,090 | $13,080 | 23% |
| Utilities | $373 | $4,476 | 8% |
| Food at home | $714 | $8,568 | 15% |
| Transportation | $1,508 | $18,096 | 32% |
| Health care | $598 | $7,176 | 13% |
| Clothing, personal care & supplies | $411 | $4,932 | 9% |
| Total | $4,694 | $56,328 | 100% |
state figures Rents are Census ACS state medians by bedrooms. See the methodology.
Electricity and gas and inflation
Residential electricity
16.51¢/kWh, August 2026
12-month change +3.4% · US 18.16¢
Regular gasoline regional figure: Gulf Coast (PADD 3)
$3.64/gal, week of 2026-11-02
12-month change +44.8% · US $4.15
Consumer prices in the West region rose +3.4% over the 12 months to September 2026 (US +3.7%; BLS CPI-U).
Price level history
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| New Mexico | 93.0 | 91.8 | 89.7 | 90.9 | 91.0 | 92.2 |
Change over the period: −0.8 points. Each year is measured relative to that year's US average.
Frequently asked questions
Is New Mexico an expensive state to live in?
New Mexico has a cost of living index of 92.2 (US = 100), 7.8% below the US average. It ranks 37th of 51 (1 = most expensive). Housing is 73.6 (rank 37), goods 96.1, utilities 77.9 and other services 98.5. Source: BEA Regional Price Parities 2024.
How much does it cost to live in New Mexico?
At New Mexico state-average prices, our modelled monthly budget is $2,299 for a single adult, $3,808 for a couple and $4,694 for a family of four, before taxes and child care. Costs vary widely within the state: metro areas average 94.8 and nonmetro areas 85.9.
What is the median rent and home value in New Mexico?
The median gross rent in New Mexico is $1,067 a month and the median home value is $248,100 (Census ACS 2020-2024). The typical renter spends 30.1% of income on rent.
Sources
- BEA Regional Price Parities 2024 (state, state metro and nonmetro portions, MSAs).
- U.S. Census Bureau ACS 5-year 2020-2024, state 35.
- EIA-861M residential electricity (August 2026); EIA weekly retail gasoline (Gulf Coast (PADD 3), 2026-11-02).
- BLS CPI-U, West region (September 2026).
Budgets are modelled estimates, not observed spending. Not financial advice. Methodology