Albuquerque in New Mexico is an exciting place; it has a fascinating history and is considered a desirable place to live, work, and play. It enjoys 300 days of sunshine annually, so you can easily enjoy the stunning mountain views and participate in exciting festivals and more. If you are thinking about moving to New Mexico, here is what you should know about Albuquerque’s cost of living.
Overall Cost of Living in Albuquerque, NM
Many people decide to move to New Mexico because its cost of living is lower than that of the national average. With a significantly lower than the national average median home price, low property, and state tax, the cost of living in Albuquerque, NM, is 9.2% lower than the national average. It can be a cost-effective city to move to for retirement. However, as with any city, there are varying costs of living within the city; for instance, things in the business district or near the town center may cost more than in other areas.
Taxes in Albuquerque, NM
After removing federal taxes and including state and local taxes like sales and property taxes, state and local taxes in New Mexico are lower than the national average. Depending on your income bracket, New Mexico’s personal income tax rates range from 1.7% to 4.9%.
Cost of Food
The prices of food in Albuquerque, NM, are comparable to those across the country. A liter of milk costs around seventy-eight cents in Albuquerque, and a cup of cappuccino will cost around $4.50. In the financial district, be prepared to pay about $15 for a basic lunch menu that includes a drink. In comparison, a set meal in a restaurant will cost about $30, while a combo meal at a fast food restaurant can cost around $7. And if you decide to cook, prices of grocery items are 4% below the national average.
Cost of Housing
The most significant contributor to the costs of living in New Mexico is likely housing costs. In New Mexico, a single-family home typically costs $193,200. Again, it depends on the area where the housing is located. Generally, it is 16% less than the national average. The average house in New Mexico is worth $166,800. In the past ten years, home appreciation has been 6.5%—a 1,470-square-foot apartment in New Mexico costs, on average, $1,250 per month. Compared to the $1,650 national average, New Mexico rent is 24.2% less expensive. Albuquerque’s rent is 72.16% less costly than New York’s.
Together with the cost of housing, we consider the cost of essential utilities. Including services like electricity, heating, cooling, water, and garbage, essential utilities for a 915-square-foot apartment will cost about $137 per month.
Cost of Healthcare
The health cost index for Albuquerque, NM, is 2.3% lower than the national average, and the number of physicians per capita is 286 doctors per 100,000 people, more than the national average of 210 per 100,000 people. These indexes make healthcare a little more affordable and accessible here in Albuquerque, NM.
