Cost of Living in New Mexico
What it costs to live in New Mexico, how much tax you'll pay, and what common jobs keep after rent and everyday costs.
- Population
- 2,130,256
- Median household income
- $67,816
- State income tax
- Up to 5.9%
- Cost of living (US = 100)
- 92.2
What a typical paycheck keeps in New Mexico
The typical New Mexico worker earns $47,210 (BLS). After taxes, a statewide 1-bedroom rent and everyday costs, $9,644 is left. Pick a city for local rents and pay.
- Typical salary
- $47,210
- Federal income tax
- −$3,485
- Payroll taxes
- −$3,612
- State income tax
- −$1,063
- Rent, 1-bedroom
- −$12,612
- Everyday costs
- −$16,794
a year, or $804 a month
Pay: BLS OEWS statewide median. Rent: HUD FY2027, population-weighted across New Mexico.
Cost of living in New Mexico
Prices across New Mexico run 8% below the US average (BEA, 2024).
- Housing26% below the US average
- Goods (food, clothing, cars)4% below the US average
- Utilities22% below the US average
- Other services (healthcare and more)1% below the US average
- All items8% below the US average
Monthly budget for one person
| Cost | Monthly | Yearly |
|---|---|---|
| Rent, 1-bedroom | $1,051 | $12,612 |
| Food | $475 | $5,700 |
| Transportation | $375 | $4,500 |
| Healthcare | $347 | $4,164 |
| Utilities | $203 | $2,436 |
| Total before taxes | $2,451 | $29,412 |
Rent is the statewide average of county fair market rents, weighted by population. City rents differ.
New Mexico taxes
State income tax, single filer (2026)
| Taxable income over | Rate |
|---|---|
| $0 | 1.5% |
| $5,500 | 3.2% |
| $16,500 | 4.3% |
| $33,500 | 4.7% |
| $66,500 | 4.9% |
| $210,000 | 5.9% |
Taxes on the median household income
$67,816 of wages, one single filer (Census 2024 median).
| Federal income tax | −$6,090 |
| Payroll taxes | −$5,188 |
| State income tax | −$2,022 |
| Effective tax rate | 19.6% |
Cities in New Mexico
What a typical worker keeps after taxes, rent and everyday costs in each New Mexico city we cover.
What common jobs keep in New Mexico
The 15 jobs that keep the most: statewide median pay, and what's left after taxes, a statewide 1-bedroom rent and everyday costs.
| Job | Median pay | You keep |
|---|---|---|
| Mechanical engineer | $157,710 | $83,258 |
| Dentist | $155,260 | $81,704 |
| Pharmacist | $147,000 | $76,462 |
| Physician assistant | $139,920 | $71,970 |
| Nurse practitioner | $137,520 | $70,447 |
| Veterinarian | $129,390 | $65,289 |
| Software engineer | $124,520 | $62,198 |
| Lawyer | $119,680 | $59,085 |
| Project manager | $106,970 | $50,767 |
| Physical therapist | $106,880 | $50,708 |
| Civil engineer | $103,900 | $48,758 |
| Occupational therapist | $99,170 | $45,662 |
| Speech-language pathologist | $98,690 | $45,347 |
| Dental hygienist | $95,940 | $43,548 |
| Data scientist | $95,850 | $43,488 |
Salary pages in New Mexico, A–Z
Pay range, what’s kept and the best cities for each job.
- Accountant
- Auto mechanic
- Carpenter
- Civil engineer
- Data scientist
- Dental assistant
- Dental hygienist
- Dentist
- Diesel mechanic
- Electrician
- Financial analyst
- Firefighter
- HVAC technician
- Lawyer
- Licensed practical nurse
- Lineman
- Mechanical engineer
- Medical assistant
- Nurse practitioner
- Nursing assistant
- Occupational therapist
- Paralegal
- Paramedic
- Pharmacist
- Pharmacy technician
- Physical therapist
- Physician assistant
- Plumber
- Police officer
- Project manager
- Radiologic technologist
- Registered nurse
- Respiratory therapist
- Social worker
- Software engineer
- Speech-language pathologist
- Teacher
- Truck driver
- Veterinarian
- Welder
Top-paying jobs in New Mexico
Median pay, jobs with at least 1,000 workers (BLS OEWS). Linked jobs have a salary page.
| Job | Median pay |
|---|---|
| Physicians, All Other | $327,670 |
| Architectural and Engineering Managers | $215,120 |
| Computer Hardware Engineers | $165,350 |
| Engineers, All Other | $162,070 |
| Electrical Engineers | $158,520 |
| Mechanical Engineers | $157,710 |
| Pharmacists | $147,000 |
| Computer and Information Systems Managers | $137,730 |
| Nurse Practitioners | $137,520 |
| Electronics Engineers, Except Computer | $136,990 |
| Health Specialties Teachers, Postsecondary | $134,600 |
| Financial Managers | $133,700 |
| Information Security Analysts | $130,070 |
| Industrial Engineers | $128,090 |
| Computer Occupations, All Other | $127,090 |
Living in New Mexico
New Mexico against the US (Census Bureau, ACS 2024).
| Measure | New Mexico | US |
|---|---|---|
| Median home value | $279,900 | $360,600 |
| Median rent paid | $1,117 | $1,487 |
| Unemployment rate | 5.3% | 4.6% |
| Living below the poverty line | 16.4% | 12.2% |
| Adults with a bachelor's degree or higher | 31.8% | 36.9% |
| Average commute, one way | 24 minutes | 27.2 minutes |
| Working from home | 10.3% | 13.3% |
Nearby states
Compare New Mexico with another state or city: what a job keeps in each, side by side.
Questions people ask
What is the cost of living in New Mexico?
Prices in New Mexico are 8% below the US average (BEA Regional Price Parities, 2024). The statewide fair market rent for a 1-bedroom is $1,051 a month (HUD, FY2027), and everyday costs for one person come to about $1,400 a month.
Does New Mexico have a state income tax?
Yes. New Mexico's income tax rate is up to 5.9%. On a typical wage of $47,210, a single filer pays about $1,063 a year in state income tax.
How much do you need to earn to live in New Mexico?
A single person renting a 1-bedroom at the statewide fair market rent needs about $34,600 a year before tax to cover taxes, rent and everyday costs. The typical worker in New Mexico earns $47,210 and keeps $9,644 after those costs.
Where in New Mexico does a paycheck go furthest?
Of the New Mexico cities we cover, a typical worker keeps the most in Albuquerque ($8,420 a year after taxes, rent and everyday costs) and the least in Santa Fe ($6,707).
What jobs pay the most in New Mexico?
Among jobs with at least 1,000 workers, the highest median pay in New Mexico goes to Physicians, All Other ($327,670); Architectural and Engineering Managers ($215,120); Computer Hardware Engineers ($165,350) (BLS OEWS).
Sources and method
Everyday costs: BLS Consumer Expenditure Survey 2024 (one-person households) × CPI-U to August 2026 × BEA Regional Price Parities 2024. Taxes assume a single filer with the standard deduction and wage income only.
- Census Bureau, American Community Survey 2024 1-year estimates
- BLS OEWS May 2025, state estimates
- HUD Fair Market Rents, FY2027
- BLS Consumer Expenditure Surveys 2024, Table 1400 (size of consumer unit)
- BLS Consumer Price Index (CPI-U)
- BEA Regional Price Parities by state, 2024
Data compiled October 13, 2026. How we calculate