New Mexico's cost of living index is 92 — 8.0% below the US average of 100. Compare purchasing power and equivalent salaries across states.
CoL Index
92
US avg = 100
vs. National Avg
-8.0%
Less expensive
Median Income
$51,945
New Mexico median household
Equiv. at US Avg
$56,462
Same purchasing power
| CoL Index | 92 | MIT/MERIC composite index (US avg = 100) |
| vs. National | 8.0% | Below average cost |
| Median Household Income | $51,945 | New Mexico median (2023 ACS) |
| National Purchasing Power | $56,462 | Equivalent $ at US avg CoL |
| Overall Category | Moderate | Qualitative classification |
| Population | 2,117,522 | 2020 US Census |
With a cost of living index of 92, New Mexico is 8% below the national average. Lower costs in New Mexico mean your dollar goes further. A salary of $51,945 in New Mexico provides the equivalent purchasing power of $56,462 in a state at the national average.
Housing is typically the largest driver of cost of living differences between states.New Mexico's median home price of $295,000 is near the national median of approximately $310,000. Other factors include state income tax (5.9% top rate in New Mexico), sales tax (4.88% state rate), and local property tax rates (0.8%).
