Cost of living in New Mexico
Prices in New Mexico are 7.8% below the US average (37th highest of 51). A single filer on $75,000 pays $2,359 in state income tax. State sales tax: 4.875%.
Price levels in New Mexico
| BEA RPP 2024 | New Mexico | vs US (100) |
|---|---|---|
| All items | 92.2 | −7.8% |
| Goods | 96.1 | −3.9% |
| Housing (rents) | 73.6 | −26.4% |
| Utilities | 77.9 | −22.1% |
| Other services | 98.5 | −1.5% |
Metros in New Mexico
Metros whose principal city is in New Mexico. “Left over” = a single renter earning $60,000, after 2026 taxes (including the principal city’s local tax) and modeled costs.
| Metro | Population | Price level | 2-BR FMR | Infant care / wk* | Left over / mo |
|---|---|---|---|---|---|
| Albuquerque, NM | 925,279 | 95.5 | $1,384 | no data | $1,372 |
| Las Cruces, NM | 229,091 | 90.2 | $1,073 | no data | $1,509 |
| Santa Fe, NM | 156,907 | 98.8 | $1,735 | no data | $1,071 |
| Farmington, NM | 120,340 | 87.7 | $1,116 | no data | $1,629 |
*Center-based, DOL 2022 price for the metro’s principal county; a year in brackets marks an older latest-available price. “No data”: DOL publishes no price for that county, and childcare is left out of its budgets.
Taxes in New Mexico (2026)
| Annual tax | Single, $50,000 | Single, $75,000 | Single, $120,000 | Couple, 2 kids, $120,000 |
|---|---|---|---|---|
| Federal income tax | $3,820 | $7,670 | $17,570 | $5,640 |
| Social Security + Medicare | $3,825 | $5,738 | $9,180 | $9,180 |
| New Mexico income tax | $1,184 | $2,359 | $4,549 | $3,516 |
| New Mexico payroll taxes | $0 | $0 | $0 | $0 |
| Take-home pay / month | $3,431 | $4,936 | $7,392 | $8,472 |
Annual liability, standard deduction, Child Tax Credit; local income taxes are not included in this state-level table (see each metro). On $75,000, New Mexico’s income and payroll taxes cost $2,359 a year more than in a state without them (federal taxes are the same: $13,408).
Childcare prices across New Mexico
DOL’s National Database of Childcare Prices has no county prices for New Mexico in any year from 2018 to 2022, so childcare is left out of New Mexico metro budgets (with a note) rather than estimated.
Property taxes by county
Effective rate = Census median real estate taxes ÷ median home value (ACS 2020-2024), metro-area counties.
| County | Median value | Median tax | Effective rate |
|---|---|---|---|
| Bernalillo County | $292,900 | $2,629 | 0.90% |
| Sandoval County | $313,800 | $2,296 | 0.73% |
| San Juan County | $193,800 | $1,317 | 0.68% |
| Doña Ana County | $220,800 | $1,480 | 0.67% |
| Valencia County | $223,000 | $1,374 | 0.62% |
| Santa Fe County | $446,300 | $2,152 | 0.48% |
| Torrance County | $159,700 | $719 | 0.45% |
Energy and fuel
EIA: electricity 2025, natural gas 2024, gasoline week ending 2026-10-05.
Who moves to and from New Mexico
Census state-to-state migration flows (2024 ACS 1-year; people 1 year and over, ± margin of error at 90%). Totals cover moves between states and DC only: 52,988 in, 60,608 out (net −7,620).
- Texas13,543 ±3,249
- California8,699 ±2,726
- Colorado3,654 ±1,481
- Arizona3,394 ±1,092
- Florida2,348 ±1,145
- Oklahoma2,058 ±1,034
- Minnesota1,566 ±1,286
- Washington1,528 ±792
- Texas12,504 ±2,684
- Arizona7,401 ±2,551
- Colorado5,593 ±1,771
- Arkansas3,624 ±2,000
- California2,695 ±1,031
- Michigan2,246 ±2,210
- Florida2,076 ±1,285
- Washington2,076 ±1,902
Frequently asked questions
Is New Mexico expensive to live in?+
BEA’s Regional Price Parities put New Mexico’s overall price level at 92.2 in 2024 (US = 100), the 37th highest of 51 states and DC. Housing is 73.6 and goods 96.1.
Does New Mexico have a state income tax?+
Yes. A single filer earning $75,000 owes about $2,359 in New Mexico income tax under 2026 law (3.1% of pay).
What is the sales tax in New Mexico?+
The state rate is 4.875% (as of 2026-10-13); groceries are exempt from the state rate. Local sales taxes can add to this.
What is the most affordable metro in New Mexico?+
For a single renter earning $60,000, Farmington, NM leaves the most each month after taxes and modeled costs ($1,629), and Santa Fe, NM the least ($1,071).