Edgewood 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.
IndexEdgewoodNew MexicoNational
Cost of living index96n/a100
IndexEdgewoodNew MexicoNational
Goods & Services index93n/a100
Groceries index103n/a100
Health care index89n/a100
Housing index98n/a100
Transportation index98n/a100
Utilities index88n/a100
A general summary of the cost of living index in Edgewood, NM is shown above. Compared to the state average of New Mexico the cost of living index in Edgewood, NM is 96, which is equal to the average in New Mexico and compared to the national average it is 4% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Edgewood, NM goods and services come in at equal to the average in New Mexico and are 7% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Edgewood is equal to the New Mexico average.
  • The cost of living in Edgewood is 4% lower than the national average.
  • The cost of housing in Edgewood is 2% lower 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 Edgewood, NM Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Edgewood, NM to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Edgewood, NM, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Edgewood, NM salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$66,167$5,514$1,544$1,985
Renters$41,552$3,463$969$1,247
If you want to find a good determining factor for the cost of living and the general affordability of housing in Edgewood, NM, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Edgewood, NM, the median monthly income is $66,167 for those who own their own homes. Under the standard rule, that income level would allow for $1,544 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $41,552, per the median income in the area. That would allow for renters to spend up to $969 on monthly rental expenses.

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 you are determining the total cost of living in Edgewood, NM you will want to make sure you consider both the New Mexico sales tax and the New Mexico income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in New Mexico is 5.125%, with the highest surtax being 8.688%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in New Mexico have a range from 1.7% to 4.9%.

Goods & Services

ItemEdgewoodNational avg.Difference
Haircut $17.10$14.5917.2%
Beauty Salon $36.00$34.683.8%
Toothpaste $2.12$2.4714.3%
Shampoo $1.21$1.0218.4%
Movie $9.56$9.873.1%
Bowling $3.53$4.3919.6%

Groceries

ItemEdgewoodNational avg.Difference
Ground Beef $5.10$4.4813.9%
Fried Chicken $1.39$1.465.1%
Milk $2.58$2.369.5%
Potatoes $3.35$3.069.4%
Pizza $7.99$9.2413.6%
Beer $9.32$8.638.0%

Health Care

ItemEdgewoodNational avg.Difference
Optometrist $73.00$99.7826.8%
Doctor $88.33$105.0315.9%
Dentist $82.00$88.707.6%
Ibuprofen $8.50$9.419.7%
Lipitor $271.13$298.509.2%

Housing

ItemEdgewoodNational avg.Difference
Home Price $170,800.00$175,700.002.8%
Avg. Mortgage Payment $849.19$1,081.0321.4%
Apartment Rent $921.00$920.000.1%

Transportation

ItemEdgewoodNational avg.Difference
Gasoline $1.96$2.096.1%
Tire Balancing $49.96$45.2910.3%

Utilities

ItemEdgewoodNational avg.Difference
All Electricity$141.86$170.8016.9%
Phone $26.95$28.264.6%
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.
Chilili, NM3995-5%
McIntosh, NM1,18181-19%
Moriarty, NM2,07585-15%
Manzano Springs, NM19087-13%
Sandia Knolls, NM1,52690-10%
Edgewood, NM3,76396-4%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Newtown Grant, PA3,76413939%
Aurora, IN3,76288-12%
Valley Green, PA3,76199-1%
Stowe, PA3,76511010%
Wilbraham, MA3,76513434%
Edgewood, NM3,76396-4%
Source: The Edgewood, NM cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.