Cost Of Living in Corrales, NM

F

29%

Overall NAT. AVG.

0%

Goods & Services NAT. AVG.

102%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Corrales	New Mexico	National
Cost of living	129	93	100
Goods & Services	100	97	100
Groceries	97	97	100
Health care	96	97	100
Housing	202	86	100
Transportation	93	95	100
Utilities	99	90	100

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Cost Of Living Quick Facts

The cost of living in Corrales is 39% higher than the New Mexico average
The cost of living in Corrales is 29% higher than the national average
Corrales housing is 102% higher than the national average
New Mexico general sales tax is 2% lower than the national average
New Mexico state income tax is 25% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$95,082	$7,924	$2,218	$2,853
Renters	$49,516	$4,126	$1,155	$1,486

To approximate the cost of living and the housing affordability in Corrales, NM, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Corrales have a median income of $95,082. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,218 per month to avoid calamity and poverty. The renters in the city have an income of about $49,516, which would make their monthly maximum allowable rental costs $1,155.

New Mexico Sales Tax

State	General Sales Tax	With Max Surtax
New Mexico	5%	8.688%

New Mexico Income Tax

State	Income Tax (Low)	Income Tax (High)
New Mexico	1.7%	5.9%

Goods & Services

Item	Corrales	National avg.	Difference
Haircut	$31.90	$24.26	31.5%
Beauty Salon	$50.83	$45.56	11.6%
Toothpaste	$3.62	$3.70	2.3%
Shampoo	$1.15	$1.28	10.5%
Movie	$12.54	$12.13	3.3%
Bowling	$20.89	$18.00	16.1%

Groceries

Item	Corrales	National avg.	Difference
Ground Beef	$5.11	$5.84	12.5%
Fried Chicken	$1.32	$1.57	16.1%
Milk	$4.63	$4.67	1.0%
Potatoes	$4.18	$4.93	15.3%
Pizza	$13.42	$12.09	11.0%
Beer	$11.07	$10.41	6.4%

Health Care

Item	Corrales	National avg.	Difference
Optometrist	$136.89	$125.68	8.9%
Doctor	$134.17	$135.78	1.2%
Dentist	$111.42	$113.29	1.7%
Ibuprofen	$10.43	$10.65	2.1%
Lipitor	$380.06	$468.60	18.9%

Housing

Item	Corrales	National avg.	Difference
Home Price	$437,500.00	$184,700.00	136.9%
Avg. Mortgage Payment	$1,905.97	$2,346.69	18.8%
Apartment Rent	$1,146.00	$949.00	20.8%

Transportation

Item	Corrales	National avg.	Difference
Gasoline	$3.50	$3.46	1.1%
Tire Balancing	$43.87	$59.92	26.8%

Utilities

Item	Corrales	National avg.	Difference
All Electricity	$191.24	$193.99	1.4%
Phone	$190.51	$192.25	0.9%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Placitas CDP (Doña Ana County), NM	725	79	21.1%
Monterey Park, NM	1,097	86	14.2%
Santa Ana Pueblo, NM	944	90	9.8%
Indian Hills, NM	810	92	8.2%
Pueblo of Sandia Village, NM	554	94	6.0%
Corrales, NM	8,636	129	29.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Lansdowne, MD	8,635	102	2.4%
Revelstoke, BC	8,635	n/a
Portugal Cove-St. Philip's, NL	8,634	n/a
Columbia-Shuswap C, BC	8,632	n/a
Ladue, MO	8,631	192	91.8%
Corrales, NM	8,636	129	29.2%