Corrales cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexCorralesNew MexicoNational
Cost of living index130n/a100
IndexCorralesNew MexicoNational
Goods & Services index109n/a100
Groceries index101n/a100
Health care index101n/a100
Housing index192n/a100
Transportation index98n/a100
Utilities index96n/a100
Displayed above is a general overview of the Corrales, NM cost of living index. The overall cost of living index in Corrales, NM is 130, which is equal to the New Mexico average and 30% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Corrales, NM are equal to the New Mexico average and 9% higher than the national average.

Did you know?

  • The cost of living in Corrales is equal to the New Mexico average.
  • The cost of living in Corrales is 30% higher than the national average.
  • The cost of housing in Corrales is 92% higher than the national average.
  • New Mexico general sales tax is 1% higher than the national average.
  • New Mexico state income tax is 24% lower than the national average.

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Compare Corrales, NM Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Corrales, NM to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Corrales, NM, you have to earn a higher income in order to still have the same standard of living. To operate the Corrales, NM salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$79,531$6,628$1,856$2,386
Renters$21,514$1,793$502$645
One can approximate the cost of living and the housing affordability in Corrales, NM by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Corrales, NM have a median income of $79,531. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,856 per month to avoid calamity and poverty. The renters in the city have an income of about $21,514, which would make their monthly maximum allowable rental costs $502.

New Mexico Sales Tax

StateGeneral Sales TaxWith Max Surtax
New Mexico5.125%8.688%

New Mexico Income Tax

StateIncome Tax (Low)Income Tax (High)
New Mexico1.7%4.9%
When assessing the complete cost of living in Corrales, NM, the New Mexico income tax and the New Mexico sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The New Mexico maximum surtax is 8.688%, and the New Mexico sales tax is 5.125%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 1.7% to 4.9% in New Mexico.

Goods & Services

ItemCorralesNational avg.Difference
Haircut $18.00$14.5923.3%
Beauty Salon $29.00$34.6816.4%
Toothpaste $2.28$2.477.8%
Shampoo $0.94$1.028.0%
Movie $9.50$9.873.7%
Bowling $3.65$4.3916.9%

Groceries

ItemCorralesNational avg.Difference
Ground Beef $3.99$4.4810.9%
Fried Chicken $1.29$1.4611.9%
Milk $2.09$2.3611.3%
Potatoes $2.24$3.0626.8%
Pizza $10.79$9.2416.7%
Beer $9.39$8.638.8%

Health Care

ItemCorralesNational avg.Difference
Optometrist $85.00$99.7814.8%
Doctor $127.50$105.0321.4%
Dentist $80.50$88.709.2%
Ibuprofen $8.98$9.414.6%
Lipitor $294.93$298.501.2%

Housing

ItemCorralesNational avg.Difference
Home Price $406,000.00$175,700.00131.1%
Avg. Mortgage Payment $1,479.75$1,081.0336.9%
Apartment Rent $922.00$920.000.2%

Transportation

ItemCorralesNational avg.Difference
Gasoline $2.10$2.090.4%
Tire Balancing $41.98$45.297.3%

Utilities

ItemCorralesNational avg.Difference
All Electricity$160.81$170.805.9%
Phone $27.99$28.260.9%
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, StatePopulationCost of Living IndexNational Avg.
Placitas, NM64679-21%
Monterey Park, NM1,41583-17%
Santa Ana Pueblo, NM68489-11%
San Felipe Pueblo, NM3,02789-11%
Pueblo of Sandia Village, NM33894-6%
Corrales, NM8,42613030%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Pleasant View, UT8,42611212%
Boonton, NJ8,42413535%
White Horse, NJ8,42211616%
Fruitvale, CO8,4221011%
Southside, AL8,43291-9%
Corrales, NM8,42613030%
Source: The Corrales, NM cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.