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 2019.
So where is the most expensive place to live in New Mexico? That would be Taos.
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 2019
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 $29,849 and the median home value is $281,500 for 2019.
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 $53,922 and the median home value is $265,000 for 2019.
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 $41,778 and the median home value is $168,400 for 2019.
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 $24,890 and the median home value is $121,800 for 2019.
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 $41,219 and the median home value is $155,800 for 2019.
Portales is a city in and the county seat of Roosevelt County, New Mexico, United States. The population was 12,280 at the 2010 census. Portales is located near the larger city of Clovis as well as Cannon Air Force Base, a major contributor to the economy of the region.
The median income in Portales comes in at $32,065 and the median home value is $115,900 for 2019.
Albuquerque AL-b-kur-kee; Navajo: Beeeldl Dahsinil ) is the most populous city in the U.S. state of New Mexico. The high-elevation city serves as the county seat of Bernalillo County, and it is situated in the north central part of the state, straddling the Rio Grande. The city population is 559,277 as of the July 1, 2016 population estimate from the United States Census Bureau, and ranks as the 32nd-largest city in the U.S. The Albuquerque metropolitan statistical area has a population of 909,906 according to the United States Census Bureau’s most recently available estimate for 2016. Albuquerque is the 60th-largest United States metropolitan area. The Albuquerque MSA population includes the city of Rio Rancho, Bernalillo, Placitas, Corrales, Los Lunas, Belen, Bosque Farms, and forms part of the larger Albuquerque-Santa Fe-Las Vegas combined statistical area, with a total population of 1,171,991 as of the July 1, 2016, Census Bureau estimates.
The median income in Albuquerque comes in at $49,878 and the median home value is $188,500 for 2019.
The median income in Los Ranchos De Albuquerque comes in at $61,217 and the median home value is $350,900 for 2019.
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 $40,924 and the median home value is $150,000 for 2019.
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 $84,583 and the median home value is $442,500 for 2019.
How We Determined The Most Expensive 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 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 33 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.
Taking A Chunk Out Of Your Paycheck In New Mexico For 2019
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:
- Truth or Consequences
For more New Mexico reading, check out:
- These Are The 10 Best Counties 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
Detailed List Of The Most Expensive Cities In New Mexico
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