A wise sage once said:
“She works hard for the money…”
And these places in New Mexico definitely treat her right.
You see, these are the cities and places in New Mexico where the cost of living is the lowest; where your salary goes the furthest. And when if you have the luxury of choosing where to live in the Land of Enchantment, then the cost of living should play a role in the decision.
So we did the hard for you and crunched the numbers to find the cities that have lower food, energy, and housing costs. After the dust settled on our analysis of the 33 largest places in New Mexico, we were left with this set of the best value for your money.
So where is the cheapest place to live in New Mexico? That would be Lovington.
So listen up Taos (the most expensive place in New Mexico) as we explain how we created this ranking. You could learn some things from the rest of the state.
And if you already knew these places were cheap, check out some more reading about New Mexico and the cheapest places in the country:
How We Determined The Most Affordable Places To Live In The Land of Enchantment For 2019
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 2013-2017 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 33 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.
The 10 Cheapest Places To Live In New Mexico For 2019
The median income in Lovington comes in at $52,056 and the median home value is $103,500 for 2019.
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 $27,350 and the median home value is $75,300 for 2019.
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 $57,906 and the median home value is $123,100 for 2019.
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 $62,932 and the median home value is $133,000 for 2019.
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 $42,417 and the median home value is $103,000 for 2019.
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 $55,372 and the median home value is $143,000 for 2019.
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 $45,531 and the median home value is $112,700 for 2019.
Tucumcari is a city in and the county seat of Quay County, New Mexico, United States. The population was 5,363 at the 2010 census. Tucumcari was founded in 1901, two years before Quay County was founded.
The median income in Tucumcari comes in at $23,686 and the median home value is $53,900 for 2019.
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 $43,598 and the median home value is $123,700 for 2019.
Grants is a city in Cibola County, New Mexico, United States. It is located about 78 miles west of Albuquerque. The population was 9,182 at the 2010 Census. It is the county seat of Cibola County.
The median income in Grants comes in at $35,671 and the median home value is $105,500 for 2019.
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 2019.
Here’s a look at the most expensive cities in New Mexico according to the data:
- Santa Fe
For more New Mexico reading, check out:
- These Are The 10 Richest Cities In New Mexico
- 10 Safest Places In New Mexico
- Best Places To Buy A House In New Mexico