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If you've never stayed up all night watching for aliens in Roswell or had a snowball fight in Angel Fire, then you've not experienced what the good people of New Mexico already know; they have some of the most affordable fun in the country.
However, you're going to need a little more than affordable fun if you're looking to move your life to New Mexico on a budget. You're going to need a good job and a guide to navigate New Mexico's cost of living. And this is where it gets tricky, folks. New Mexico's unemployment rate is above the national average, but its cost of living is below. So, we recommend while your waiting on the job, you do your homework on where the cheapest New Mexico places are located. More importantly, you should take a look below at HomeSnacks top ten most affordable New Mexico places for 2020.
The competition was fierce to say the least. Many of New Mexico's most affordable places boast great home prices and safe neighborhoods. Any one of these places would be a great place to enjoy life while saving money. If you choose one of New Mexico's most affordable places, you're going to free up cash for the fun "New Mexico'' things to do and see. Like, scoring tickets to Santa Fe's New Mexico Music Fan Fare or taking a road trip to Taos.
So, want to know where the cheapest places in New Mexico are to live? Read on.
How did we determine the cheapest places in New Mexico? We consulted the US Census and New Mexico's current cost of living.
What's the cheapest place to live in New Mexico? We're pretty sure there isn't a bad place to park your alien mobile in the Land of Enchantment, but there can only be one number one most affordable for 2020, and that would be Lovington.
To see how your favorite place compared, take a look at the list below or head to the bottom.
And if you already knew these places were cheap, check out some more reading about New Mexico and the cheapest places in the country:
The 10 Cheapest Places To Live In New Mexico For 2020
The median income in Lovington comes in at $51,704 and the median home value is $111,300 for 2020.
Carlsbad is a city in and the county seat of Eddy County, New Mexico, United States. As of the 2010 census, the city population was 26,138. Carlsbad is centered at the intersection of U.S. Routes 62/180 and 285, and is the principal city of the Carlsbad-Artesia Micropolitan Statistical Area, which has a total population of 55,435. Located in the southeastern part of New Mexico, Carlsbad straddles the Pecos River and sits at the eastern edge of the Guadalupe Mountains.
The median income in Carlsbad comes in at $66,110 and the median home value is $137,000 for 2020.
Hobbs is a city in Lea County, New Mexico, United States. The population was 34,122 at the 2010 Census, increasing from 28,657 at the 2000 census.
The median income in Hobbs comes in at $58,624 and the median home value is $131,700 for 2020.
Roswell is a city in New Mexico. It is the county seat of Chaves County in the southeastern quarter of the state of New Mexico, United States. As of the 2010 census it had a population of 48,411, making it the fifth-largest city in New Mexico. It is a center for irrigated farming, dairying, ranching, manufacturing, distribution, and petroleum production. It is also the home of New Mexico Military Institute, founded in 1891. Bitter Lake National Wildlife Refuge is located a few miles northeast of the city on the Pecos River. Bottomless Lakes State Park is located 12 miles east of Roswell on US 380.
The median income in Roswell comes in at $43,481 and the median home value is $105,700 for 2020.
Bloomfield is a city in San Juan County, New Mexico, United States. It is part of the Farmington Metropolitan Statistical Area. The population was 8,112 at the 2010 census.
The median income in Bloomfield comes in at $57,706 and the median home value is $145,600 for 2020.
Truth or Consequences is a city and county seat in Sierra County, New Mexico, United States. In 2012, the population was 6,411. It is commonly known within New Mexico as T or C. It has frequently been noted on lists of unusual place names.
The median income in Truth Or Consequences comes in at $27,511 and the median home value is $79,700 for 2020.
Gallup is a city in McKinley County, New Mexico, United States, with a population of 21,678 as of the 2010 census. A substantial percentage of its population is Native American, with residents from the Navajo, Hopi, and Zuni tribes. Gallup is the county seat of McKinley County and the most populous city between Flagstaff and Albuquerque, along the historic U.S. Route 66.
The median income in Gallup comes in at $44,768 and the median home value is $127,700 for 2020.
Alamogordo is the seat of Otero County, New Mexico, United States. A city in the Tularosa Basin of the Chihuahuan Desert, it is bordered on the east by the Sacramento Mountains and to the west by White Sands National Monument. It is the city nearest to Holloman Air Force Base. The population was 30,403 as of the 2010 census. Alamogordo is known for its connection with the Trinity test, the first explosion of an atomic bomb, and also for the Atari video game burial of 1983.
The median income in Alamogordo comes in at $44,133 and the median home value is $110,800 for 2020.
Raton is a city and the county seat of Colfax County in northeastern New Mexico. The city is located just south of Raton Pass.
The median income in Raton comes in at $28,608 and the median home value is $85,000 for 2020.
Clovis is the county seat of Curry County, New Mexico, United States, with a population of 37,775 as of the 2010 census, and a 2014 estimated population of 39,860. Clovis is located in the New Mexico portion of the Llano Estacado, in the eastern part of the state.
The median income in Clovis comes in at $44,770 and the median home value is $126,600 for 2020.
How We Determined The Most Affordable Places To Live In The Land of Enchantment For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have 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 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in New Mexico to figure out which is the least expensive.
What you are left with is 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 in order to rank all of the 32 places in New Mexico that have more than 5,000 people.
The place with the lowest cost of living in New Mexico according to the data is Lovington. You can download the data here.
There You Have It Mr. Or Mrs. New Mexico Cheapskate
If you're looking at the cost of living numbers in New Mexico, this is an accurate list of the most affordable places to live in New Mexico for 2020.
Here's a look at the most expensive cities in New Mexico according to the data:
- Santa Fe
- Las Vegas
For more New Mexico reading, check out:
- Best Counties To Live In New Mexico
- Best Places To Raise A Family In New Mexico
- Richest Cities In New Mexico
Where Are The Most Affordable Places To Live In New Mexico?
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