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Everyone wants a home that mixes affordability with comfort and New Mexico does this very well. Families love the Land Of Enchantment's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in New Mexico that cost a pretty penny -- the most expensive cities in the state.
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 2020.
So where is the most expensive place to live in New Mexico? That would be Taos.
the 2014-2018 American Community Survey for the 32 places in New Mexico with more than 5,000 people.
What's the most expensive place to live in New Mexico? Well, HomeSnacks crunched the numbers and discovered that Taos is the most expensive place to live in New Mexico.
So hopefully Lovington (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 2020
Taos is a town in Taos County in the north-central region of New Mexico in the Sangre de Cristo Mountains, incorporated in 1934. As of the 2010 census, its population was 5,716. Other nearby communities include Ranchos de Taos, Caon, Taos Canyon, Ranchitos, El Prado, and Arroyo Seco. The town is close to Taos Pueblo, the Native American village and tribe from which it takes its name.
The median income in Taos comes in at $30,893 and the median home value is $254,200 for 2020.
Santa Fe is the capital of the state of New Mexico. It is the fourth-largest city in the state and the seat of Santa Fe County.
The median income in Santa Fe comes in at $56,262 and the median home value is $270,700 for 2020.
Las Vegas is a city in and the county seat of San Miguel County, New Mexico, United States. Once two separate municipalities both named Las Vegas, west Las Vegas and east Las Vegas, separated by the Gallinas River, retain distinct characters and separate, rival school districts. The population was 14,565 at the 2000 census. Las Vegas, NM is located 110 miles south of Raton, New Mexico, 65 miles east of Santa Fe, New Mexico, 122 miles northeast of Albuquerque, New Mexico, 257 miles south of Colorado Springs, Colorado, and 326 miles south of Denver, Colorado.
The median income in Las Vegas comes in at $27,790 and the median home value is $111,700 for 2020.
Ruidoso is a village in Lincoln County, New Mexico, United States, adjacent to the Lincoln National Forest. The population was 8,029 at the 2010 census. The city of Ruidoso Downs and the unincorporated area of Alto are suburbs of Ruidoso, and contribute to the Ruidoso Micropolitan Statistical Area's population of 21,223.
The median income in Ruidoso comes in at $43,353 and the median home value is $214,400 for 2020.
Silver City is a town in Grant County, New Mexico, United States. It is the county seat and the home of Western New Mexico University. As of the 2010 census the population was 10,315. In 2015 the population was estimated to be 10,004.
The median income in Silver City comes in at $34,431 and the median home value is $134,500 for 2020.
Corrales is a village in Sandoval County, New Mexico, United States. The population was 8,329 at the 2010 Census. With proximity to the Rio Grande, the village was founded for agricultural purposes. The Rio Grande Bosque on the eastern edge of the village provides refuge for native animals and plants. The village fights hard to maintain its rural character in light of being surrounded by the rapidly expanding cities of Rio Rancho and Albuquerque.
The median income in Corrales comes in at $79,303 and the median home value is $430,500 for 2020.
Las Cruces, also known as "The City of the Crosses", is the seat of Doa Ana County, New Mexico, United States. As of the 2010 census the population was 97,618, and in 2015 the estimated population was 101,643, making it the second largest city in the state, after Albuquerque. Las Cruces is the largest city in both Doa Ana County and southern New Mexico. The Las Cruces metropolitan area had an estimated population of 213,676 in 2014. It is the principal city of a metropolitan statistical area which encompasses all of Doa Ana County and is part of the larger El Paso-Las Cruces combined statistical area.
The median income in Las Cruces comes in at $40,551 and the median home value is $150,200 for 2020.
The median income in Anthony comes in at $23,378 and the median home value is $98,700 for 2020.
The median income in Los Ranchos De Albuquerque comes in at $62,214 and the median home value is $420,600 for 2020.
Bernalillo is a town in Sandoval County, New Mexico, in the United States. As of the 2010 census, the town population was 8,320. It is the county seat of Sandoval County.
The median income in Bernalillo comes in at $42,396 and the median home value is $154,700 for 2020.
How We Determined The Most Expensive 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 most 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 highest cost of living in New Mexico according to the data is Taos. You can download the data here.
Taking A Chunk Out Of Your Paycheck In New Mexico For 2020
Well there you have it, the places in New Mexico that have the highest cost of living, with Taos ranking as the most expensive city in the Land of Enchantment.
Here's a look at the most affordable cities in New Mexico according to the data:
For more New Mexico reading, check out:
- 10 Best Places To Live In New Mexico
- These Are The 10 Best Counties To Live In New Mexico
- 10 Cheapest Places To Live In New Mexico
- 10 Best Places To Raise A Family In New Mexico
- These Are The 10 Best Places To Retire In New Mexico
- These Are The 10 Richest Cities In New Mexico
- 10 Safest Places In New Mexico
Detailed List Of The Most Expensive Cities In New Mexico
|9||Los Ranchos De Albuquerque||12.33|
|27||Truth Or Consequences||24.67|