Taos 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.
IndexTaosNew MexicoNational
Cost of living index95n/a100
IndexTaosNew MexicoNational
Goods & Services index84n/a100
Groceries index97n/a100
Health care index92n/a100
Housing index112n/a100
Transportation index88n/a100
Utilities index83n/a100
A general summary of the cost of living index in Taos, NM is shown above. Compared to the state average of New Mexico the cost of living index in Taos, NM is 95, which is equal to the average in New Mexico and compared to the national average it is 5% 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 Taos, NM goods and services come in at equal to the average in New Mexico and are 16% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Taos is equal to the New Mexico average.
  • The cost of living in Taos is 5% lower than the national average.
  • The cost of housing in Taos is 12% 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 Taos, 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 Taos, 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 Taos, NM, you have to earn a higher income in order to still have the same standard of living. To operate the Taos, 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$43,185$3,599$1,008$1,296
Renters$21,974$1,831$513$659
If you want to find a good determining factor for the cost of living and the general affordability of housing in Taos, 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 Taos, NM, the median monthly income is $43,185 for those who own their own homes. Under the standard rule, that income level would allow for $1,008 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $21,974, per the median income in the area. That would allow for renters to spend up to $513 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%
One thing to keep in mind when considering the cost of living in Taos, NM is the New Mexico sales tax and New Mexico income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New Mexico sales tax rate is 5.125% and the maximum surtax that can be charged is 8.688%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New Mexico income tax rates range from 1.7% to 4.9%.

Goods & Services

ItemTaosNational avg.Difference
Haircut $11.33$14.5922.4%
Beauty Salon $21.67$34.6837.5%
Toothpaste $2.28$2.477.8%
Shampoo $0.87$1.0214.9%
Movie $9.50$9.873.7%
Bowling $3.00$4.3931.7%

Groceries

ItemTaosNational avg.Difference
Ground Beef $4.99$4.4811.5%
Fried Chicken $0.98$1.4633.1%
Milk $2.09$2.3611.3%
Potatoes $2.18$3.0628.8%
Pizza $7.99$9.2413.6%
Beer $8.39$8.632.8%

Health Care

ItemTaosNational avg.Difference
Optometrist $84.75$99.7815.1%
Doctor $104.00$105.031.0%
Dentist $81.33$88.708.3%
Ibuprofen $8.32$9.4111.6%
Lipitor $263.12$298.5011.9%

Housing

ItemTaosNational avg.Difference
Home Price $221,000.00$175,700.0025.8%
Avg. Mortgage Payment $682.33$1,081.0336.9%
Apartment Rent $729.00$920.0020.8%

Transportation

ItemTaosNational avg.Difference
Gasoline $1.84$2.0912.0%
Tire Balancing $40.00$45.2911.7%

Utilities

ItemTaosNational avg.Difference
All Electricity$136.03$170.8020.4%
Phone $24.99$28.2611.6%
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.
Taos Ski Valley, NM9187-13%
Picuris Pueblo, NM4069-31%
Rio Lucio, NM38579-21%
Chamisal, NM32279-21%
Vadito, NM27980-20%
Taos, NM5,71395-5%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Moosic, PA5,7121011%
Wadesboro, NC5,71188-12%
Genoa, IL5,71696-4%
Creve Coeur, IL5,71785-15%
Salamanca, NY5,71779-21%
Taos, NM5,71395-5%
Source: The Taos, NM cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.