Silver City 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.
IndexSilver CityNew MexicoNational
Cost of living index89n/a100
IndexSilver CityNew MexicoNational
Goods & Services index93n/a100
Groceries index103n/a100
Health care index89n/a100
Housing index76n/a100
Transportation index98n/a100
Utilities index88n/a100
An overview of the general cost of living index for Silver City, NM is displayed above for your reference. Residents in Silver City, NM enjoy a cost of living index of 89. This index is equal to the New Mexico average, and 11% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Silver City, NM, the average cost of goods and services is equal to it is in New Mexico, and it is 7% lower than the national average.

Did you know?

  • The cost of living in Silver City is equal to the New Mexico average.
  • The cost of living in Silver City is 11% lower than the national average.
  • The cost of housing in Silver City is 24% 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 Silver City, NM Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Using the salary calculator lets you compare the salary you earn in Silver City, 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 Silver City, NM, you have to earn a higher income in order to still have the same standard of living. To operate the Silver City, 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$45,366$3,781$1,058$1,361
Renters$22,782$1,899$532$684
If you want to find a good determining factor for the cost of living and the general affordability of housing in Silver City, 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 Silver City, NM, the median monthly income is $45,366 for those who own their own homes. Under the standard rule, that income level would allow for $1,058 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $22,782, per the median income in the area. That would allow for renters to spend up to $532 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 Silver City, 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

ItemSilver CityNational 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

ItemSilver CityNational 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

ItemSilver CityNational 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

ItemSilver CityNational avg.Difference
Home Price $138,300.00$175,700.0021.3%
Avg. Mortgage Payment $849.19$1,081.0321.4%
Apartment Rent $647.00$920.0029.7%

Transportation

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

Utilities

ItemSilver CityNational 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.
Cobre, NM2195-5%
Pinos Altos, NM2295-5%
North Hurley, NM31076-24%
Bayard, NM2,64081-19%
Hurley, NM1,23282-18%
Silver City, NM10,24589-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Bel Air town, MD10,2401099%
Fort Knox, KY10,2401088%
Watervliet, NY10,2501011%
Smithfield, UT10,233100-0%
Kalaoa, HI10,25717070%
Silver City, NM10,24589-11%
Source: The Silver City, NM cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.