Before you decide to relocate to New Mexico, it’s important to research the exact cost of living around the state. And that’s what we’re going to help you do.
These are the places in New Mexico that cost a pretty penny — the most expensive cities in the state.
We used Saturday Night Science to compare the 2019-2023 American Community Survey on cost of living for the 34 places in New Mexico with more than 5,000 people.
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 2025.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Most Expensive Places To Live In New Mexico For 2025
What’s the most expensive place to live in New Mexico? Well, HomeSnacks crunched the numbers and discovered that Corrales is the most expensive place to live in New Mexico.
Tucumcari (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 2025
/10
Population: 8,557
Cost Of Living Index: 125
Median Income: $114,207
Average Home Price: $549,700
Home Price To Income Ratio: 4.8x
More on Corrales: Data
The overall cost of living in Corrales is 125. The median income in Corrales comes in at $114,207 and the average home value is $549,700 for 2025.
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Population: 5,869
Cost Of Living Index: 114
Median Income: $70,801
Average Home Price: $442,100
Home Price To Income Ratio: 6.2x
More on Los Ranchos De Albuquerque: Data
The overall cost of living in Los Ranchos De Albuquerque is 114. The median income in Los Ranchos De Albuquerque comes in at $70,801 and the average home value is $442,100 for 2025.
/10
Population: 6,468
Cost Of Living Index: 106
Median Income: $46,579
Average Home Price: $432,700
Home Price To Income Ratio: 9.3x
More on Taos: Data
The overall cost of living in Taos is 106. The median income in Taos comes in at $46,579 and the average home value is $432,700 for 2025.
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Population: 88,224
Cost Of Living Index: 105
Median Income: $70,110
Average Home Price: $411,500
Home Price To Income Ratio: 5.9x
More on Santa Fe: Data
The overall cost of living in Santa Fe is 105. The median income in Santa Fe comes in at $70,110 and the average home value is $411,500 for 2025.
5. Edgewood
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Population: 6,122
Cost Of Living Index: 97
Median Income: $81,227
Average Home Price: $278,100
Home Price To Income Ratio: 3.4x
More on Edgewood:
The overall cost of living in Edgewood is 97. The median income in Edgewood comes in at $81,227 and the average home value is $278,100 for 2025.
/10
Population: 46,339
Cost Of Living Index: 96
Median Income: $63,745
Average Home Price: $225,400
Home Price To Income Ratio: 3.5x
More on Farmington: Data
The overall cost of living in Farmington is 96. The median income in Farmington comes in at $63,745 and the average home value is $225,400 for 2025.
/10
Population: 106,533
Cost Of Living Index: 95
Median Income: $85,755
Average Home Price: $273,300
Home Price To Income Ratio: 3.2x
More on Rio Rancho: Data
The overall cost of living in Rio Rancho is 95. The median income in Rio Rancho comes in at $85,755 and the average home value is $273,300 for 2025.
/10
Population: 562,488
Cost Of Living Index: 94
Median Income: $65,604
Average Home Price: $266,700
Home Price To Income Ratio: 4.1x
More on Albuquerque: Data
The overall cost of living in Albuquerque is 94. The median income in Albuquerque comes in at $65,604 and the average home value is $266,700 for 2025.
/10
Population: 112,612
Cost Of Living Index: 94
Median Income: $55,176
Average Home Price: $217,400
Home Price To Income Ratio: 3.9x
More on Las Cruces: Data
The overall cost of living in Las Cruces is 94. The median income in Las Cruces comes in at $55,176 and the average home value is $217,400 for 2025.
/10
Population: 7,701
Cost Of Living Index: 93
Median Income: $50,259
Average Home Price: $229,100
Home Price To Income Ratio: 4.6x
More on Ruidoso: Data
The overall cost of living in Ruidoso is 93. The median income in Ruidoso comes in at $50,259 and the average home value is $229,100 for 2025.
Methodology: How We Determined The Most Expensive Places To Live In The Land of Enchantment For 2025
The two most important things to think about when it comes to being able to afford a city in New Mexico are:
- How much money do I make?
- How much do I have to 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 2019-2023 around incomes and costs. They are:
- Overall Cost Of Living Index
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
You can then compare these metrics in each of the places in New Mexico to figure out which is the most expensive.
You are left with 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 to rank all of the 34 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 Corrales. We updated this article for 2025. This article is our tenth time ranking the most expensive places to live in New Mexico.
Summary: Taking A Chunk Out Of Your Paycheck In New Mexico For 2025
Well, there you have it, the places in New Mexico that have the highest cost of living, with Corrales ranking as the most expensive city in the Land of Enchantment.
The most expensive cities in New Mexico are Corrales, Los Ranchos de Albuquerque, Taos, Santa Fe, Edgewood, Farmington, Rio Rancho, Albuquerque, Las Cruces, and Ruidoso.
Here’s a look at the most affordable cities in New Mexico according to the data:
- Tucumcari
- Truth or Consequences
- Anthony
For more New Mexico reading, check out:
- Best Places To Live In New Mexico
- Cheapest Places To Live In New Mexico
- Most Dangerous Cities In New Mexico
- Best Places To Raise A Family In New Mexico
- Safest Places In New Mexico
- Worst Places To Live In New Mexico
Most Expensive Cities In New Mexico
| Rank | City | Cost Of Living | Population | Median Income | Average Home Price | Home/Income Ratio |
|---|---|---|---|---|---|---|
| 1 | Corrales | 125 | 8,557 | $114,207 | $549,700 | 4.8x |
| 2 | Los Ranchos de Albuquerque | 114 | 5,869 | $70,801 | $442,100 | 6.2x |
| 3 | Taos | 106 | 6,468 | $46,579 | $432,700 | 9.3x |
| 4 | Santa Fe | 105 | 88,224 | $70,110 | $411,500 | 5.9x |
| 5 | Edgewood | 97 | 6,122 | $81,227 | $278,100 | 3.4x |
| 6 | Farmington | 96 | 46,339 | $63,745 | $225,400 | 3.5x |
| 7 | Rio Rancho | 95 | 106,533 | $85,755 | $273,300 | 3.2x |
| 8 | Albuquerque | 94 | 562,488 | $65,604 | $266,700 | 4.1x |
| 9 | Las Cruces | 94 | 112,612 | $55,176 | $217,400 | 3.9x |
| 10 | Ruidoso | 93 | 7,701 | $50,259 | $229,100 | 4.6x |
| 11 | Los Lunas | 92 | 17,932 | $63,696 | $232,700 | 3.7x |
| 12 | Carlsbad | 91 | 31,813 | $78,277 | $187,900 | 2.4x |
| 13 | Bernalillo | 91 | 9,068 | $61,624 | $237,100 | 3.8x |
| 14 | Silver City | 90 | 9,574 | $39,025 | $160,900 | 4.1x |
| 15 | Bloomfield | 90 | 7,391 | $51,212 | $167,800 | 3.3x |
| 16 | Hobbs | 89 | 39,887 | $65,691 | $180,700 | 2.8x |
| 17 | Aztec | 89 | 6,177 | $42,699 | $164,700 | 3.9x |
| 18 | Roswell | 87 | 47,823 | $50,294 | $139,200 | 2.8x |
| 19 | Clovis | 87 | 38,153 | $54,029 | $160,000 | 3.0x |
| 20 | Artesia | 87 | 12,555 | $77,647 | $213,800 | 2.8x |
| 21 | Socorro | 87 | 8,540 | $51,343 | $162,400 | 3.2x |
| 22 | Alamogordo | 86 | 31,063 | $52,515 | $163,600 | 3.1x |
| 23 | Gallup | 86 | 21,333 | $57,466 | $134,600 | 2.3x |
| 24 | Las Vegas | 86 | 13,120 | $42,732 | $143,900 | 3.4x |
| 25 | Portales | 86 | 12,023 | $51,290 | $132,900 | 2.6x |
| 26 | Belen | 86 | 7,427 | $40,354 | $154,600 | 3.8x |
| 27 | Sunland Park | 84 | 17,085 | $52,147 | $194,900 | 3.7x |
| 28 | Grants | 84 | 9,106 | $49,286 | $123,600 | 2.5x |
| 29 | Lovington | 83 | 11,444 | $67,284 | $162,900 | 2.4x |
| 30 | Raton | 83 | 6,013 | $52,007 | $148,200 | 2.8x |
| 31 | Deming | 82 | 14,735 | $35,920 | $112,800 | 3.1x |
| 32 | Anthony | 81 | 8,701 | $33,141 | $110,800 | 3.3x |
| 33 | Truth or Consequences | 79 | 6,026 | $29,142 | $107,500 | 3.7x |
| 34 | Tucumcari | 74 | 5,197 | $39,915 | $56,400 | 1.4x |