Corrales, NM Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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 120, with 100 being the average.

  • The cost of living index in Corrales is 1.2x higher than the national average.

  • Corrales ranks as the #43 cheapest in New Mexico out of 44.

  • Corrales ranks as the #4,798 cheapest out of 6,412 in the US.

  • The median home value in Corrales is $440,100.

  • The median income in Corrales is $93,899.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
120
Corrales's Overall Cost Of Living
1.2x
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 120, which is 1.2x higher than the national index of 100.

Compared to New Mexico, Corrales has a cost of living index that's 1.3x higher than New Mexico's index of 94.

The standard of living in Corrales ranks as #43 most affordable out of the 44 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:

43 out of 44
In New Mexico
4,798 out of 6,412
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 87.

  • The Groceries index in Corrales is 99.

  • The Health index in Corrales is 100.

  • The Housing index in Corrales is 194.

  • The Transportation index in Corrales is 89.

  • The Utilities index in Corrales is 95.

Living Expense Corrales New Mexico National Average
Overall 120 94 100
Services 87 97 100
Groceries 99 96 100
Health 100 100 100
Housing 194 88 100
Transportation 89 96 100
Utilities 95 91 100
For more reading on cost of living around New Mexico, check out:
Corrales Cost of Living Vs. NM

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 2017-2021. The key points are:

  • The Median Home Value in Corrales is $440,100.

  • The Median Rent in Corrales is $1,154.

  • The Median Income in Corrales is $93,899.

  • The Home Value To Income in Corrales is 4.7x.

  • The Rent To Monthly Income in Corrales is 0.15x.

Statistic Corrales New Mexico United States
Median Home Value $440,100 $184,800 $244,900
Median Rent $1,154 $897 $1,163
Median Income $93,899 $54,020 $69,021
Home Value To Income 4.7x 3.4x 3.5x
Rent To Monthly Income 0.15x 0.2x 0.2x
Search Homes For Sale In Corrales, NM
$440,100
Median Home Value
$1,154
Median Rent
$93,899
Median Income

Corrales, NM Costs By Category

Detailed Corrales Services Costs Vs. New Mexico

Item Corrales New Mexico
Shampoo $0.92 $1.06
Movie $9.5 $10.68
Bowling $11.2 $14.67
Haircut $18.38 $18.62
Beauty Salon $35.53 $39.05

Detailed Corrales Groceries Costs Vs. New Mexico

Item Corrales New Mexico
Ground Beef $4.9 $4.22
Fried Chicken $1.11 $1.39
Milk $1.96 $2.05
Potatoes $3.05 $3.29
Pizza $9.67 $10.62
Beer $8.22 $9.38
Toothpaste $2.79 $2.34

Detailed Corrales Health Costs Vs. New Mexico

Item Corrales New Mexico
Optometrist $118.86 $108.57
Doctor $127.67 $116.17
Dentist $86.56 $99.13

Detailed Corrales Transportation Costs Vs. New Mexico

Item Corrales New Mexico
Gasoline $1.97 $2.22
Tire Balancing $40.79 $50.07

Detailed Corrales Utilities Costs Vs. New Mexico

Item Corrales New Mexico
All Electricity $150.01 $167.67
Phone $183.97 $175.64

Corrales SnackAbility

7
/10
Overall SnackAbility
Jobs
8.5/10
Housing
8.5
Affordability
6
Diversity
8.5
Safety
N/A
Amenities
7
Education
9.5
Commute
7

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 98, 0.8x Corrales.

  • Rio Rancho, NM has a cost of living index of 94, 0.8x Corrales.

  • South Valley, NM has a cost of living index of 88, 0.7x Corrales.

City Population Cost Of Living Vs. Corrales
Albuquerque, NM 562,336 98 0.8x
Rio Rancho, NM 102,403 94 0.8x
South Valley, NM 36,583 88 0.7x
North Valley, NM 12,594 96 0.8x
Bernalillo, NM 9,049 85 0.7x
Los Ranchos de Albuquerque, NM 5,904 108 0.9x

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