New Mexico Cost of Living Calculator
Compare New Mexico cost of living (index: 94.6). Calculate equivalent salary needed when moving to or from New Mexico.
How This Calculator Works
Calculation methodology and assumptions
This calculator compares purchasing power between locations using cost of living indices. New Mexico's cost of living index is 94.6 (100 = national average). The equivalent salary is calculated as: Current Salary × (Target COL / Current COL). Tax differences are also factored in to show the net financial impact of relocating.
Key State Information
New Mexico cost of living index: 94.6. New Mexico is close to the national average in overall cost. Median household income: $54,020. Median 2BR rent: $970/month.
Frequently Asked Questions
What is the cost of living in New Mexico?
New Mexico's cost of living index is 94.6, where 100 is the national average. This means living in New Mexico costs about 5% less than the national average.
Is New Mexico expensive to live in?
New Mexico has a moderate cost of living, close to the national average. Median home price: $285,000.
How much do I need to earn in New Mexico to live comfortably?
Based on a cost of living index of 94.6 and the 50-30-20 budgeting rule, a comfortable salary in New Mexico would be approximately $36,705/year for a single person renting a 2BR apartment.
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