10 Cheapest Places To Live In New Mexico For 2019


We used data and science to determine which places in New Mexico go easy on your wallet.

Editor’s Note: We updated this article for 2019. This is our fourth time ranking the cheapest places to live in New Mexico.

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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 2019.

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 2019, 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 2019

Lovington, NM

Source: Public domain
Overall SnackAbility

6
/10

Population: 11,558
Rank Last Year: 1 (No Change)
Home Price To Income Ratio: 2.0x (1st most affordable)
Income To Rent Ratio: 71.4x (4th cheapest)
More On Lovington: Homes For Sale | Data | Photos

The median income in Lovington comes in at $52,056 and the median home value is $103,500 for 2019.

Truth Or Consequences, NM

Source: Public domain
Overall SnackAbility

3
/10

Population: 6,029
Rank Last Year: 9 (Up 7)
Home Price To Income Ratio: 2.8x (8th most affordable)
Income To Rent Ratio: 58.7x (12th cheapest)
More On Truth Or Consequences: Homes For Sale | Data | Photos

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, NM

Source: Public domain
Overall SnackAbility

5
/10

Population: 37,427
Rank Last Year: 2 (Down 1)
Home Price To Income Ratio: 2.1x (3rd most affordable)
Income To Rent Ratio: 67.4x (6th cheapest)
More On Hobbs: Homes For Sale | Data | Photos

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, NM

Overall SnackAbility

7
/10

Population: 28,393
Rank Last Year: 3 (Down 1)
Home Price To Income Ratio: 2.1x (2nd most affordable)
Income To Rent Ratio: 69.3x (5th cheapest)
More On Carlsbad: Homes For Sale | Data | Photos

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, NM

Overall SnackAbility

6
/10

Population: 48,163
Rank Last Year: 5 (No Change)
Home Price To Income Ratio: 2.4x (5th most affordable)
Income To Rent Ratio: 58.1x (15th cheapest)
More On Roswell: Homes For Sale | Data | Photos

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.

Review Of Roswell by HomeSnacks User

We love our new home state because houses are affordable and the people are wonderful. I agree what you described is Albuquerque. The mountains here are stunning. The climate is astonishing. NM is enchanting. Sorry you have not seen more of it.

Science abounds here. Space history, solar studies, and the Very Large Array.

Bloomfield, NM

Source: Public domain
Overall SnackAbility

5
/10

Population: 8,039
Rank Last Year: 5 (Down 1)
Home Price To Income Ratio: 2.6x (7th most affordable)
Income To Rent Ratio: 72.8x (3rd cheapest)
More On Bloomfield: Homes For Sale | Data | Photos

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, NM

Source: Public domain
Overall SnackAbility

6
/10

Population: 30,963
Rank Last Year: 8 (Up 1)
Home Price To Income Ratio: 2.5x (6th most affordable)
Income To Rent Ratio: 58.6x (13th cheapest)
More On Alamogordo: Homes For Sale | Data | Photos

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, NM

Overall SnackAbility

5
/10

Population: 5,004
Rank Last Year: 5 (Down 3)
Home Price To Income Ratio: 2.3x (4th most affordable)
Income To Rent Ratio: 46.1x (28th cheapest)
More On Tucumcari: Homes For Sale | Data | Photos

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, NM

Overall SnackAbility

3
/10

Population: 22,063
Rank Last Year: 15 (Up 6)
Home Price To Income Ratio: 2.8x (10th most affordable)
Income To Rent Ratio: 61.5x (9th cheapest)
More On Gallup: Homes For Sale | Data | Photos

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, NM

Source: Public domain
Overall SnackAbility

3
/10

Population: 9,094
Rank Last Year: 7 (Down 3)
Home Price To Income Ratio: 3.0x (13th most affordable)
Income To Rent Ratio: 58.3x (14th cheapest)
More On Grants: Homes For Sale | Data | Photos

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.

How We Determined The Most Affordable Places To Live In The Land of Enchantment For 2019

Map Of The Cheapest Places To Live In New Mexico
The two most important things to think about when it comes to being able to afford if you can live comes down to:

  1. How much do money do I make?
  2. 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.

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:

  1. Taos
  2. Santa Fe
  3. Ruidoso

For more New Mexico reading, check out:

Where Are The Most Affordable Places To Live In New Mexico?

Rank City CheapScore Population Home/Income Ratio Income/Rent Ratio
1 Lovington 4.33 11,558 2.0x 71.4x
2 Truth Or Consequences 7.33 6,029 2.8x 58.7x
3 Hobbs 8.0 37,427 2.1x 67.4x
4 Carlsbad 8.5 28,393 2.1x 69.3x
5 Roswell 9.0 48,163 2.4x 58.1x
6 Bloomfield 10.0 8,039 2.6x 72.8x
7 Alamogordo 10.33 30,963 2.5x 58.6x
8 Tucumcari 11.0 5,004 2.3x 46.1x
9 Gallup 11.67 22,063 2.8x 61.5x
10 Grants 12.33 9,094 3.0x 58.3x

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.