Before you decide to relocate to New Mexico, it’s important to research the exact cost of living around the state. And that’s what we’re going to help you do.
These are the places in New Mexico that cost a pretty penny — the most expensive cities in the state.
We used Saturday Night Science to compare the 2018-2022 American Community Survey on cost of living for the 34 places in New Mexico with more than 5,000 people.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in New Mexico for 2024.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Most Expensive Places To Live In New Mexico For 2024
What’s the most expensive place to live in New Mexico? Well, HomeSnacks crunched the numbers and discovered that Corrales is the most expensive place to live in New Mexico.
Tucumcari (the cheapest place to live in New Mexico) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about New Mexico and the most expensive cities in the country:
The 10 Most Expensive Places To Live In New Mexico For 2024
/10
Population: 8,495
Cost Of Living Index: 125
Median Income: $94,966
Average Home Price: $668,575
Home Price To Income Ratio: 7.0x
More on Corrales: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Corrales is 125. The median income in Corrales comes in at $94,966 and the average home value is $668,575 for 2024.
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Population: 5,894
Cost Of Living Index: 114
Median Income: $67,747
Average Home Price: $621,423
Home Price To Income Ratio: 9.2x
More on Los Ranchos De Albuquerque: Data | Cost Of Living | Real Estate
The overall cost of living in Los Ranchos De Albuquerque is 114. The median income in Los Ranchos De Albuquerque comes in at $67,747 and the average home value is $621,423 for 2024.
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Population: 6,458
Cost Of Living Index: 106
Median Income: $40,185
Average Home Price: $454,642
Home Price To Income Ratio: 11.3x
More on Taos: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Taos is 106. The median income in Taos comes in at $40,185 and the average home value is $454,642 for 2024.
/10
Population: 87,617
Cost Of Living Index: 105
Median Income: $67,663
Average Home Price: $571,512
Home Price To Income Ratio: 8.4x
More on Santa Fe: Data | Cost Of Living | Real Estate
The overall cost of living in Santa Fe is 105. The median income in Santa Fe comes in at $67,663 and the average home value is $571,512 for 2024.
/10
Population: 6,113
Cost Of Living Index: 97
Median Income: $70,568
Average Home Price: $348,936
Home Price To Income Ratio: 4.9x
More on Edgewood: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Edgewood is 97. The median income in Edgewood comes in at $70,568 and the average home value is $348,936 for 2024.
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Population: 46,457
Cost Of Living Index: 96
Median Income: $61,388
Average Home Price: $236,143
Home Price To Income Ratio: 3.8x
More on Farmington: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Farmington is 96. The median income in Farmington comes in at $61,388 and the average home value is $236,143 for 2024.
/10
Population: 104,351
Cost Of Living Index: 95
Median Income: $78,978
Average Home Price: $328,616
Home Price To Income Ratio: 4.2x
More on Rio Rancho: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Rio Rancho is 95. The median income in Rio Rancho comes in at $78,978 and the average home value is $328,616 for 2024.
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Population: 562,551
Cost Of Living Index: 94
Median Income: $61,503
Average Home Price: $321,089
Home Price To Income Ratio: 5.2x
More on Albuquerque: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Albuquerque is 94. The median income in Albuquerque comes in at $61,503 and the average home value is $321,089 for 2024.
/10
Population: 111,273
Cost Of Living Index: 94
Median Income: $51,013
Average Home Price: $281,919
Home Price To Income Ratio: 5.5x
More on Las Cruces: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Las Cruces is 94. The median income in Las Cruces comes in at $51,013 and the average home value is $281,919 for 2024.
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Population: 7,696
Cost Of Living Index: 93
Median Income: $36,033
Average Home Price: $317,739
Home Price To Income Ratio: 8.8x
More on Ruidoso: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Ruidoso is 93. The median income in Ruidoso comes in at $36,033 and the average home value is $317,739 for 2024.
Methodology: How We Determined The Most Expensive Places To Live In The Land of Enchantment For 2024
The two most important things to think about when it comes to being able to afford a city in New Mexico are:
- How much money do I make?
- How much do I have to spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing, it’s actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2018-2022 around incomes and costs. They are:
- Overall Cost Of Living Index
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
You can then compare these metrics in each of the places in New Mexico to figure out which is the most expensive.
You are left with a “Cost of Living Index” by taking the average rank of each of these metrics for each city.
So we used that cost of living index to rank all of the 34 places in New Mexico that have more than 5,000 people.
The place with the highest cost of living in New Mexico according to the data is Corrales. We updated this article for 2024. This article is our tenth time ranking the most expensive places to live in New Mexico.
Summary: Taking A Chunk Out Of Your Paycheck In New Mexico For 2024
Well, there you have it, the places in New Mexico that have the highest cost of living, with Corrales ranking as the most expensive city in the Land of Enchantment.
The most expensive cities in New Mexico are Corrales, Los Ranchos de Albuquerque, Taos, Santa Fe, Edgewood, Farmington, Rio Rancho, Albuquerque, Las Cruces, and Ruidoso.
Here’s a look at the most affordable cities in New Mexico according to the data:
- Tucumcari
- Truth or Consequences
- Anthony
For more New Mexico reading, check out:
- Best Places To Live In New Mexico
- Cheapest Places To Live In New Mexico
- Most Dangerous Cities In New Mexico
- Best Places To Raise A Family In New Mexico
- Safest Places In New Mexico
- Worst Places To Live In New Mexico
Most Expensive Cities In New Mexico
| Rank | City | Cost Of Living | Population | Median Income | Average Home Price | Home/Income Ratio |
|---|---|---|---|---|---|---|
| 1 | Corrales | 125 | 8,495 | $94,966 | $668,575 | 7.0x |
| 2 | Los Ranchos de Albuquerque | 114 | 5,894 | $67,747 | $621,423 | 9.2x |
| 3 | Taos | 106 | 6,458 | $40,185 | $454,642 | 11.3x |
| 4 | Santa Fe | 105 | 87,617 | $67,663 | $571,512 | 8.4x |
| 5 | Edgewood | 97 | 6,113 | $70,568 | $348,936 | 4.9x |
| 6 | Farmington | 96 | 46,457 | $61,388 | $236,143 | 3.8x |
| 7 | Rio Rancho | 95 | 104,351 | $78,978 | $328,616 | 4.2x |
| 8 | Albuquerque | 94 | 562,551 | $61,503 | $321,089 | 5.2x |
| 9 | Las Cruces | 94 | 111,273 | $51,013 | $281,919 | 5.5x |
| 10 | Ruidoso | 93 | 7,696 | $36,033 | $317,739 | 8.8x |
| 11 | Los Lunas | 92 | 17,452 | $68,934 | $298,049 | 4.3x |
| 12 | Carlsbad | 91 | 31,755 | $77,209 | $201,720 | 2.6x |
| 13 | Bernalillo | 91 | 9,286 | $57,905 | $312,259 | 5.4x |
| 14 | Silver City | 90 | 9,650 | $36,853 | $220,801 | 6.0x |
| 15 | Bloomfield | 90 | 7,430 | $49,442 | $205,766 | 4.2x |
| 16 | Hobbs | 89 | 39,782 | $63,804 | $173,086 | 2.7x |
| 17 | Aztec | 89 | 6,214 | $45,846 | $226,721 | 4.9x |
| 18 | Roswell | 87 | 48,035 | $48,298 | $140,780 | 2.9x |
| 19 | Clovis | 87 | 38,453 | $52,983 | $156,608 | 3.0x |
| 20 | Artesia | 87 | 12,632 | $75,389 | $204,195 | 2.7x |
| 21 | Socorro | 87 | 8,605 | $42,622 | $171,400 | 4.0x |
| 22 | Alamogordo | 86 | 30,996 | $50,721 | $200,708 | 4.0x |
| 23 | Gallup | 86 | 21,672 | $58,358 | $194,750 | 3.3x |
| 24 | Las Vegas | 86 | 13,194 | $39,558 | $186,356 | 4.7x |
| 25 | Portales | 86 | 12,085 | $49,313 | $130,829 | 2.7x |
| 26 | Belen | 86 | 7,367 | $38,838 | $244,505 | 6.3x |
| 27 | Sunland Park | 84 | 16,773 | $45,545 | $211,033 | 4.6x |
| 28 | Grants | 84 | 9,177 | $55,631 | $159,642 | 2.9x |
| 29 | Lovington | 83 | 11,495 | $70,029 | $146,559 | 2.1x |
| 30 | Raton | 83 | 6,046 | $40,899 | $138,410 | 3.4x |
| 31 | Deming | 82 | 14,756 | $33,548 | $130,288 | 3.9x |
| 32 | Anthony | 81 | 8,708 | $27,406 | $218,443 | 8.0x |
| 33 | Truth or Consequences | 79 | 6,030 | $28,685 | $137,945 | 4.8x |
| 34 | Tucumcari | 74 | 5,206 | $34,424 | $75,709 | 2.2x |