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State cost profile · 2024 BEA RPP

Cost of Living in New Mexico

Statewide Regional Price Parities for New Mexico from the Bureau of Economic Analysis, overall, goods, services, and rents vs the U.S. average of 100, across 4 metro areas.

92.2
Statewide RPP
#37
of 51 states by cost
73.6
Rents RPP
4
Metro areas

The verdict

New Mexico costs less than 73% of U.S. states, a statewide index of 92.2, 7.8% below the national average.

92.2
statewide cost index (US average = 100)
#37
of 51 states by overall cost
bottom 27%
nationally, among all states
73.6
rents RPP, the biggest budget swing

A $100,000 national salary carries the purchasing power of about $108,446 when earned in New Mexico.

Reading the New Mexico Cost of Living Picture

The Bureau of Economic Analysis places New Mexico's statewide Regional Price Parity at 92.2 for the 2024 data year, 7.8% less expensive the U.S. baseline of 100. Inside the headline figure, the state's categories sit near average, while rents offer the biggest relief at 73.6. That internal spread, rather than the single state number, is what determines whether a household actually feels priced in or priced out.

New Mexico captures 4 metro areas in the BEA dataset, and the range across them is meaningful. Santa Fe, NM leads on cost at 98.8, while Farmington, NM sits at the opposite end at 87.7 - a gap of 11.1 index points inside a single state. For goods the state indexes at 96.1, for services 77.9, and for rents 73.6 - the rent figure tends to be the most volatile input and deserves its own line-item review before any relocation decision.

Over time, New Mexico's statewide index has eased by 2.9 points, narrowing the premium versus lower-cost states. Practically, this means a $100,000 national salary delivers the purchasing power of about $108,446 of national buying power when earned inside New Mexico, and a household relocating here would need roughly $92,212 to reproduce a $100K lifestyle. Pair these numbers with metro-specific wage data and rent tables before treating the statewide figure as your planning assumption.

92.2
Overall
96.1
Goods
77.9
Services
73.6
Rents

New Mexico vs every U.S. state

Where this state sits in the national cost distribution

92 Top 73% higher than 27% of 51 US states

84–87: 2 US states (4%). Below this entry. 87–90: 7 US states (14%). Below this entry. 90–93: 8 US states (16%). This entry sits in this band. 93–96: 6 US states (12%). Above this entry. 96–99: 8 US states (16%). Above this entry. 99–102: 5 US states (10%). Above this entry. 102–105: 8 US states (16%). Above this entry. 105–108: 3 US states (6%). Above this entry. 108–111: 4 US states (8%). Above this entry. 111–114: 0 US states (0%). Above this entry. 114–117: 0 US states (0%). Above this entry. This state 84 117 every US state (incl. DC), bucketed by value

Each bar is a band; taller bars hold more US states. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.

Source U.S. Bureau of Economic Analysis, Regional Price Parities · 2024

Most Expensive in New Mexico → Cheapest in New Mexico →

Metro areas in New Mexico, ranked by cost

# Metro area OverallGoodsServicesRents
1 Santa Fe 98.8 96.1 76.7 108.0
2 Albuquerque 95.5 96.1 77.9 89.2
3 Las Cruces 90.2 96.1 77.9 63.0
4 Farmington 87.7 96.1 77.9 56.6

The Rents RPP index measures housing costs relative to the national average (100). For the federal 40th-percentile Fair Market Rent by bedroom size and county, see the HUD Fair Market Rents dataset.

RPP History

Year Overall
2008 95.1
2009 96.0
2010 94.5
2011 97.1
2012 96.5
2013 95.6
2014 95.5
2015 95.4
2016 94.5
2017 95.7
2018 91.7
2019 93.0
2020 91.8
2021 89.7
2022 90.9
2023 91.0
2024 92.2

What this means in New Mexico

The statewide index is a starting point, cost varies metro to metro within New Mexico.

  • Don't rely on the state figure alone: Santa Fe (98.8) and Farmington (87.7) sit 11 index points apart inside New Mexico. Check your specific metro.
  • Rents index at 73.6 (26.4% below average) - the largest swing in the RPP. Review the housing line before any relocation decision. Highest rents
  • Weighing New Mexico against another state? Convert your salary to local purchasing power first. Salary calculator

RPP is BEA's annual price-level benchmark (national average = 100) for the data year shown, pair it with local wages and current rents before deciding.

Cost of Living Guides

Cheapest Metros to Live in 2026
Official BEA data on the most affordable areas
Most Expensive Cities: 2026 Rankings
What drives high costs and how to cope
Cost of Living vs Wages
Where your dollar goes furthest
Understanding Regional Price Parities
How BEA constructs RPP data

View all guides →

Frequently Asked Questions

What is the cost of living in New Mexico? ▼
New Mexico has a Regional Price Parity (RPP) index of 92.2, meaning it is 7.8% less expensive than the national average. Goods are indexed at 96.1, services at 77.9, and rents at 73.6.
What salary in New Mexico equals $100K nationally? ▼
To maintain the same purchasing power as a $100,000 salary at the national average, you would need approximately $92,212 in New Mexico. Conversely, $100K earned in New Mexico has the purchasing power of $108,446 at the national average.
Is housing expensive in New Mexico? ▼
Rents in New Mexico are indexed at 73.6, which is 26.4% below the national average. The state is relatively affordable for renters.
Which is the most expensive metro in New Mexico? ▼
The most expensive metro area in New Mexico is Santa Fe, NM with an RPP of 98.8. The most affordable is Farmington, NM at 87.7. There are 4 metro areas in New Mexico with BEA price data.
Is New Mexico getting more expensive? ▼
From 2008 to 2024, New Mexico's overall cost index changed by -2.9 points (from 95.1 to 92.2). The cost of living has been declining.

Source: Bureau of Economic Analysis, Regional Price Parities Bureau of Economic Analysis, Regional Price Parities Index where national average = 100

Read our methodology - how this data is sourced, computed, and verified.

Every figure on PlainCost is rendered directly from BEA Regional Price Parity source data, no number is typed in by an editor. This page draws directly on BEA Regional Price Parity source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.