The 10 Most Expensive Places To Live In New Mexico For 2022


We used science and data to determine which cities in New Mexico that will put a big dent in your wallet.

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Editor’s Note: We updated this article for 2022. This is our ninth time ranking the most expensive places to live in New Mexico.

Everyone wants a home that mixes affordability with comfort and New Mexico does this very well. Families love the Land Of Enchantment's beaches, midlands, and mountains as tourists before moving here and calling it home.

But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.

These are the places in New Mexico that cost a pretty penny -- the most expensive cities in the state.

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 2022.

So where is the most expensive place to live in New Mexico? That would be Taos.
the 2016-2020 American Community Survey for the 33 places in New Mexico with more than 5,000 people.

Here are the 10 most expensive places to live in New Mexico for 2022:

  1. Taos
  2. Santa Fe
  3. Silver City
  4. Ruidoso
  5. Albuquerque
  6. Las Cruces
  7. Corrales
  8. Las Vegas
  9. Los Ranchos de Albuquerque
  10. Rio Rancho

What's the most expensive place to live in New Mexico? Well, HomeSnacks crunched the numbers and discovered that Taos is the most expensive place to live in New Mexico.

So hopefully Lovington (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 2022

1. Taos

Taos, NM

Overall SnackAbility

4
/10

Population: 5,950
Rank Last Year: 1 (No Change)
Home Price To Income Ratio: 9.3x (most expensive)
Income To Rent Ratio: 39.6x (most expensive)
More on Taos: Real Estate | Data | Photos

The median income in Taos comes in at $30,709 and the median home value is $284,100 for 2022.

2. Santa Fe

Santa Fe, NM

Overall SnackAbility

7.5
/10

Population: 84,418
Rank Last Year: 2 (No Change)
Home Price To Income Ratio: 5.1x (4th most expensive)
Income To Rent Ratio: 50.9x (7th most expensive)
More on Santa Fe: Real Estate | Data | Photos

The median income in Santa Fe comes in at $57,274 and the median home value is $290,800 for 2022.

3. Silver City

Silver City, NM

Source: Public domain
Overall SnackAbility

6
/10

Population: 9,530
Rank Last Year: 4 (Up 1)
Home Price To Income Ratio: 4.5x (6th most expensive)
Income To Rent Ratio: 43.5x (2nd most expensive)
More on Silver City: Real Estate | Data | Photos

The median income in Silver City comes in at $30,821 and the median home value is $139,600 for 2022.

4. Ruidoso

Ruidoso, NM

Source: Public domain
Overall SnackAbility

5
/10

Population: 7,879
Rank Last Year: 12 (Up 8)
Home Price To Income Ratio: 4.7x (5th most expensive)
Income To Rent Ratio: 61.2x (20th most expensive)
More on Ruidoso: Real Estate | Data | Photos

The median income in Ruidoso comes in at $43,847 and the median home value is $204,900 for 2022.

5. Albuquerque

Albuquerque, NM

Overall SnackAbility

6
/10

Population: 560,447
Rank Last Year: 5 (No Change)
Home Price To Income Ratio: 3.8x (9th most expensive)
Income To Rent Ratio: 60.7x (19th most expensive)
More on Albuquerque: Real Estate | Data | Photos

The median income in Albuquerque comes in at $53,936 and the median home value is $204,100 for 2022.

6. Las Cruces

Las Cruces, NM

Source: Public domain
Overall SnackAbility

4
/10

Population: 102,950
Rank Last Year: 9 (Up 3)
Home Price To Income Ratio: 3.6x (11th most expensive)
Income To Rent Ratio: 56.1x (11th most expensive)
More on Las Cruces: Real Estate | Data | Photos

The median income in Las Cruces comes in at $45,140 and the median home value is $161,100 for 2022.

7. Corrales

Corrales, NM

Overall SnackAbility

9
/10

Population: 8,636
Rank Last Year: 7 (Up 1)
Home Price To Income Ratio: 5.2x (3rd most expensive)
Income To Rent Ratio: 73.6x (3most expensive)
More on Corrales: Real Estate | Data | Photos

The median income in Corrales comes in at $84,398 and the median home value is $437,500 for 2022.

8. Las Vegas

Las Vegas, NM

Overall SnackAbility

5
/10

Population: 13,055
Rank Last Year: 3 (Down 5)
Home Price To Income Ratio: 3.9x (7th most expensive)
Income To Rent Ratio: 50.7x (6th most expensive)
More on Las Vegas: Real Estate | Data | Photos

The median income in Las Vegas comes in at $30,877 and the median home value is $121,700 for 2022.

9. Los Ranchos De Albuquerque

Los Ranchos De Albuquerque, NM

Overall SnackAbility

7
/10

Population: 6,120
Rank Last Year: 6 (Down 2)
Home Price To Income Ratio: 7.0x (2nd most expensive)
Income To Rent Ratio: 75.6x (33rd most expensive)
More on Los Ranchos De Albuquerque: Real Estate | Data | Photos

The median income in Los Ranchos De Albuquerque comes in at $62,261 and the median home value is $435,400 for 2022.

10. Rio Rancho

Rio Rancho, NM

Source: Public domain
Overall SnackAbility

8
/10

Population: 97,976
Rank Last Year: 17 (Up 7)
Home Price To Income Ratio: 3.0x (18th most expensive)
Income To Rent Ratio: 57.7x (13th most expensive)
More on Rio Rancho: Real Estate | Data | Photos

The median income in Rio Rancho comes in at $66,733 and the median home value is $200,800 for 2022.

Methodology: How We Determined The Most Expensive Places To Live In The Land of Enchantment For 2022

Map Of The Cheapest Places To Live In New Mexico
The two most important things to think about when it comes to being able to afford if you can live comes down to:

  1. How much do money do I make?
  2. How much do I have 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 2016-2020 around incomes and costs. They are:

  • Median Home Price / Median Income (lower is better)
  • Median Income / Median Rent (Higher is better)
  • Median Home Price

We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).

You can then compare these metrics in each of the places in New Mexico to figure out which is the most expensive.

What you are left with is 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 in order to rank all of the 33 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 Taos. You can download the data here.

Summary: Taking A Chunk Out Of Your Paycheck In New Mexico For 2022

Well there you have it, the places in New Mexico that have the highest cost of living, with Taos ranking as the most expensive city in the Land of Enchantment.

Here's a look at the most affordable cities in New Mexico according to the data:

  1. Lovington
  2. Grants
  3. Carlsbad

For more New Mexico reading, check out:

Detailed List Of The Most Expensive Cities In New Mexico

Rank City ExpensiveScore Population Home/Income Ratio Income/Rent Ratio
1 Taos 2.0 5,950 9.3x 39.6x
2 Santa Fe 4.67 84,418 5.1x 50.9x
3 Silver City 8.67 9,530 4.5x 43.5x
4 Ruidoso 10.0 7,879 4.7x 61.2x
5 Albuquerque 11.33 560,447 3.8x 60.7x
6 Las Cruces 11.67 102,950 3.6x 56.1x
7 Corrales 11.67 8,636 5.2x 73.6x
8 Las Vegas 12.33 13,055 3.9x 50.7x
9 Los Ranchos De Albuquerque 12.33 6,120 7.0x 75.6x
10 Rio Rancho 12.67 97,976 3.0x 57.7x
11 Aztec 14.0 6,467 3.6x 59.6x
12 Sunland Park 15.33 17,581 3.9x 58.2x
13 Anthony 15.67 9,283 3.4x 50.0x
14 Los Lunas 16.0 15,814 2.9x 57.9x
15 Farmington 16.0 44,967 3.3x 63.4x
16 Bernalillo 16.67 10,077 3.3x 62.5x
17 Belen 17.0 7,476 3.0x 46.0x
18 Artesia 17.67 12,463 3.3x 66.9x
19 Edgewood 18.33 6,113 2.8x 61.9x
20 Clovis 18.67 38,701 2.8x 55.1x
21 Socorro 20.0 8,406 3.1x 63.0x
22 Raton 20.0 6,020 2.8x 46.7x
23 Portales 20.67 11,713 2.8x 56.2x
24 Truth Or Consequences 20.67 5,839 3.0x 55.9x
25 Roswell 22.0 47,751 2.4x 55.5x
26 Alamogordo 22.0 31,635 2.7x 58.2x
27 Deming 22.0 14,083 3.1x 59.5x
28 Bloomfield 22.67 7,791 2.9x 69.1x
29 Hobbs 23.0 38,475 2.5x 62.5x
30 Gallup 23.33 21,637 3.0x 67.8x
31 Carlsbad 24.67 29,278 2.2x 66.5x
32 Grants 27.33 8,987 2.3x 62.1x
33 Lovington 30.0 11,400 2.0x 74.8x

How Is The Area In ?

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.