New Mexico cost of living
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Moving to a new state gives you a clean slate to build the life you want, but it can be intimidating. Once you figure out the practical matters and where to settle down, you can start the process of becoming part of your chosen community — with new friends and new opportunities. If you’re thinking of moving to New Mexico for a job, a change of scenery or any other reason, read on for details on the cost of living in the state.
The median rent in New Mexico is $1,489.92, versus the national median rent of $1,529.01.
Jump to insightResidents in New Mexico spend $286.39 weekly on food at home and $107.59 on food out.
Jump to insightAs of publishing, the average price per gallon of regular gas is $3.20 in New Mexico.
Jump to insightRecent data shows that employees in New Mexico pay $1,741 annually for employee-sponsored health insurance coverage.
Jump to insightHousing costs in New Mexico
According to recent data from Zillow, the median rent in New Mexico is $1,489.92, while the national median rent is $1,529.01.
Data from the U.S. Census Bureau shows rent prices in New Mexico broken down by home size. As of publishing, one-bedroom apartments in New Mexico had a median cost of $797 per month, and the two-bedroom median cost was $945 per month. Three- and four-bedroom homes had median costs of $1,177 and $1,252, respectively.
As of publishing, the median home price in New Mexico is $341,000, according to Redfin. The U.S. median home price is $436,000.
The median home price in the Albuquerque metro area was $341,800 in the first quarter of 2024, according to the National Association of Realtors (NAR).
New Mexico ranks No. 35 for highest effective property tax rates in the nation, according to the most recent Tax Foundation data, at 0.67%.
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Food costs in New Mexico
According to recent census data, the average spent on food to prepare at home each week in New Mexico is $286.39, compared with the U.S. average of $270.21 at the time. New Mexico residents spend an average of $107.59 weekly on food prepared outside the home, compared with the U.S. average of $109.21.
Transportation costs in New Mexico
According to recent data from AAA, the average price per gallon of regular gas in New Mexico is $3.20, compared with the U.S. average of $3.46.
The most recent National Association of Insurance Commissioners data shows that the average auto insurance premium (liability, collision and comprehensive coverage combined) in New Mexico is $1,072.65, versus the national average of $1,189.50.
Health care costs in New Mexico
The most recent KFF data shows that, on average, employer-sponsored health insurance cost New Mexico employees $1,741 annually, with employers covering the remaining $6,053 of the $7,794 total cost.
Nationwide, the average employee contribution was $1,637 out of a total premium of $7,590.
Utility costs in New Mexico
According to the most recent data from the Energy Information Administration, the average monthly electric bill in New Mexico is $91.21, versus $135.25 countrywide.
Recent EIA data also shows that natural gas in New Mexico costs $8.85 per thousand cubic feet, compared with $13.25 nationally.
FAQ
How does the cost of living in New Mexico compare with the national average?
Overall, based on housing, utility, food and other costs, the cost of living in the Land of Enchantment is below the national average.
What are the most expensive cities in New Mexico?
The Santa Fe metro area has the highest housing costs in the state. First-quarter 2024 NAR data showed the median price of an existing single-family home in the area was $631,100 — 85% higher than in the Albuquerque area.
Is New Mexico good for retirees?
We ranked Albuquerque 22nd in our top 50 cities for retirees in 2024 based on factors such as cost of living, crime, community well-being and weather.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Zillow, “Housing Data.” Accessed May 14, 2024.
- Redfin, "Redfin Data Center." Accessed May 14, 2024.
- Tax Foundation, "Where Do People Pay the Most in Property Taxes?" Accessed May 14, 2024.
- United States Census Bureau, "Week 63 Household Pulse Survey: October 18 - October 30." Accessed May 14, 2024.
- AAA Gas Prices, "State Gas Price Averages." Accessed June 14, 2024.
- National Association of Insurance Commissioners, "2020/2021 Auto Insurance Database Report." Accessed May 14, 2024.
- KFF, "Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance." Accessed May 14, 2024.
- U.S. Energy Information Administration, "2022 Average Monthly Bill- Residential." Accessed May 14, 2024.
