Corrales, NM Cost Of Living
Cost Of Living In Corrales, NM Summary
Cost of living in Corrales research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Corrales is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Mexico, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Corrales is 129, with 100 being the average.
The cost of living index in Corrales is 1.3x higher than the national average.
Corrales ranks as the #44 cheapest in New Mexico out of 45.
Corrales ranks as the #4,942 cheapest out of 6,489 in the US.
The median home value in Corrales is $693,999.
The median income in Corrales is $114,207.
Table Of Contents
Corrales's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Corrales, NM?
According to the most recent data on the cost of living, Corrales has an overall cost of living index of 129, which is 1.3x higher than the national index of 100.
Compared to New Mexico, Corrales has a cost of living index that's 1.4x higher than New Mexico's index of 95.
The standard of living in Corrales ranks as #44 most affordable out of the 45 places we measured in New Mexico. By definition, that implies Corrales ranks as the #1 most expensive place in the Land of Enchantment.
For more reading on life in Corrales, check out:
In New Mexico
In America
Corrales Cost Of Living Vs. New Mexico
Six factors go into calculating the cost of living index in Corrales. Here is how it fairs on each of the criteria:
The Services index in Corrales is 98.
The Groceries index in Corrales is 99.
The Health index in Corrales is 97.
The Housing index in Corrales is 201.
The Transportation index in Corrales is 92.
The Utilities index in Corrales is 100.
| Living Expense | Corrales | New Mexico | National Average | |
|---|---|---|---|---|
| Overall | 129 | 95 | 100 | |
| Services | 98 | 96 | 100 | |
| Groceries | 99 | 96 | 100 | |
| Health | 97 | 95 | 100 | |
| Housing | 201 | 87 | 100 | |
| Transportation | 92 | 93 | 100 | |
| Utilities | 100 | 89 | 100 | |
Corrales, NM Housing Cost Breakdown
Housing swings affordability the most between places in New Mexico, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Corrales is $693,999.
The Median Rent in Corrales is $1,184.
The Median Income in Corrales is $114,207.
The Home Value To Income in Corrales is 6.1x.
The Rent To Monthly Income in Corrales is 0.12x.
| Statistic | Corrales | New Mexico | United States |
|---|---|---|---|
| Median Home Value | $693,999 | $311,815 | $303,400 |
| Median Rent | $1,184 | $1,021 | $1,348 |
| Median Income | $114,207 | $62,125 | $78,538 |
| Home Value To Income | 6.1x | 5.0x | 3.9x |
| Rent To Monthly Income | 0.12x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Corrales, NM Costs By Category
Detailed Corrales Services Costs Vs. New Mexico
| Item | Corrales | New Mexico |
|---|---|---|
| Shampoo | $1.15 | $1.28 |
| Movie | $12.54 | $12.13 |
| Bowling | $20.89 | $18 |
| Haircut | $31.9 | $24.26 |
| Beauty Salon | $50.83 | $45.56 |
Detailed Corrales Groceries Costs Vs. New Mexico
| Item | Corrales | New Mexico |
|---|---|---|
| Ground Beef | $5.11 | $5.84 |
| Fried Chicken | $1.32 | $1.57 |
| Milk | $4.63 | $4.67 |
| Potatoes | $4.18 | $4.93 |
| Pizza | $13.42 | $12.09 |
| Beer | $11.07 | $10.41 |
| Toothpaste | $3.62 | $3.7 |
Detailed Corrales Health Costs Vs. New Mexico
| Item | Corrales | New Mexico |
|---|---|---|
| Optometrist | $136.89 | $125.68 |
| Doctor | $134.17 | $135.78 |
| Dentist | $111.42 | $113.29 |
Detailed Corrales Transportation Costs Vs. New Mexico
| Item | Corrales | New Mexico |
|---|---|---|
| Gasoline | $3.5 | $3.46 |
| Tire Balancing | $43.87 | $59.92 |
Detailed Corrales Utilities Costs Vs. New Mexico
| Item | Corrales | New Mexico |
|---|---|---|
| All Electricity | $191.24 | $193.99 |
| Phone | $190.51 | $192.25 |
Corrales SnackAbility
/10
Cost Of Living In Cities Around Corrales
The cost of living varies in the cities and towns around Corrales. Here's a quick look at the cost of living in the most populous nearby places:
Albuquerque, NM has a cost of living index of 99, 0.8x Corrales.
Rio Rancho, NM has a cost of living index of 103, 0.8x Corrales.
South Valley, NM has a cost of living index of 93, 0.7x Corrales.
| City | Population | Cost Of Living | Vs. Corrales |
|---|---|---|---|
| Albuquerque, NM | 562,488 | 99 | 0.8x |
| Rio Rancho, NM | 106,533 | 103 | 0.8x |
| South Valley, NM | 36,605 | 93 | 0.7x |
| North Valley, NM | 11,474 | 98 | 0.8x |
| Bernalillo, NM | 9,068 | 95 | 0.7x |
| Los Ranchos de Albuquerque, NM | 5,869 | 127 | 1.0x |
