Los Chaves 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.
IndexLos ChavesNew MexicoNational
Cost of living index92n/a100
IndexLos ChavesNew MexicoNational
Goods & Services index93n/a100
Groceries index103n/a100
Health care index89n/a100
Housing index85n/a100
Transportation index98n/a100
Utilities index88n/a100
A general overview of the cost of living index for Los Chaves, NM is displayed above. In Los Chaves, NM, the overall cost of living index is 92, which is equal to the New Mexico average and 8% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Los Chaves, NM, the city's goods and services are equal to the New Mexico average and 7% lower than the U.S. average.

Did you know?

  • The cost of living in Los Chaves is equal to the New Mexico average.
  • The cost of living in Los Chaves is 8% lower than the national average.
  • The cost of housing in Los Chaves is 15% 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 Los Chaves, 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 Los Chaves, 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 Los Chaves, NM, you have to earn a higher income in order to still have the same standard of living. To operate the Los Chaves, 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$58,269$4,856$1,360$1,748
Renters$19,069$1,589$445$572
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Los Chaves, NM, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Los Chaves, NM homeowners have a median income of $58,269. Using that number, you will come up with a maximum of $1,360 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $19,069, which means there is a maximum of $445 to be spent on the costs of renting a home or apartment.

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 Los Chaves, 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

ItemLos ChavesNational 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

ItemLos ChavesNational 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

ItemLos ChavesNational 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

ItemLos ChavesNational avg.Difference
Home Price $163,100.00$175,700.007.2%
Avg. Mortgage Payment $849.19$1,081.0321.4%
Apartment Rent $620.00$920.0032.6%

Transportation

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

Utilities

ItemLos ChavesNational 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.
Madrone, NM71078-22%
Casa Colorada, NM14979-21%
Meadow Lake, NM5,62681-19%
Tome, NM1,57882-18%
El Cerro Mission, NM4,51982-18%
Los Chaves, NM4,37592-8%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Bigfork, MT4,37511010%
Cortland, IL4,37597-3%
Archbold, OH4,37491-9%
Leland, MS4,37380-20%
Viroqua, WI4,37893-7%
Los Chaves, NM4,37592-8%
Source: The Los Chaves, NM cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.