Cost Of Living In Tucumcari, NM

Tucumcari 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.
Index	Tucumcari	New Mexico	National
Cost of living index	74	94	100
Index	Tucumcari	New Mexico	National
Goods & Services index	90	95	100
Groceries index	95	105	100
Health care index	96	100	100
Housing index	37	89	100
Transportation index	89	100	100
Utilities index	84	90	100

Displayed above is a general overview of the Tucumcari, NM cost of living index. The overall cost of living index in Tucumcari, NM is 74, which is 21% lower than the New Mexico average and 26% lower 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 Tucumcari, NM are 5% lower than the New Mexico average and 10% lower than the national average.

Did you know?

The cost of living in Tucumcari is 21% lower than the New Mexico average.
The cost of living in Tucumcari is 26% lower than the national average.
The cost of housing in Tucumcari is 63% 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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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Using the salary calculator lets you compare the salary you earn in Tucumcari, 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 Tucumcari, NM, you have to earn a higher income in order to still have the same standard of living. To operate the Tucumcari, 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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$29,035	$2,420	$677	$871
Renters	$18,417	$1,535	$430	$553

The affordability of the housing market in Tucumcari, NM as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Tucumcari, NM homeowners, the median income is $29,035. This indicates that a monthly maximum of $677 should be spent by homeowners on all housing related costs. Renters have a median income of $18,417. This indicates that renters should have a maximum of $430 used for their rent related monthly costs.

New Mexico Sales Tax

State	General Sales Tax	With Max Surtax
New Mexico	5.125%	8.688%

New Mexico Income Tax

State	Income Tax (Low)	Income Tax (High)
New Mexico	1.7%	4.9%

When considering the overall cost of living expenses in Tucumcari, NM, it's important to take into account the sales tax for New Mexico, as well as the rate for income tax in New Mexico. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for New Mexico is 8.688%, and the sales tax in the state of New Mexico is 5.125%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in New Mexico starts from 1.7% and goes up to 4.9%.

Goods & Services

Item	Tucumcari	National avg.	Difference
Haircut	$16.13	$15.56	3.7%
Beauty Salon	$28.46	$36.11	21.2%
Toothpaste	$1.84	$2.47	25.7%
Shampoo	$0.83	$0.96	14.0%
Movie	$9.26	$10.13	8.5%
Bowling	$4.27	$4.74	9.8%

Groceries

Item	Tucumcari	National avg.	Difference
Ground Beef	$3.55	$3.98	10.9%
Fried Chicken	$1.26	$1.41	10.5%
Milk	$1.95	$2.06	5.5%
Potatoes	$2.83	$2.98	5.0%
Pizza	$9.31	$9.47	1.7%
Beer	$8.87	$8.79	0.9%

Health Care

Item	Tucumcari	National avg.	Difference
Optometrist	$73.43	$101.04	27.3%
Doctor	$112.92	$107.44	5.1%
Dentist	$86.32	$90.42	4.5%
Ibuprofen	$8.58	$9.28	7.5%
Lipitor	$394.18	$426.50	7.6%

Housing

Item	Tucumcari	National avg.	Difference
Home Price	$61,400.00	$175,700.00	65.1%
Avg. Mortgage Payment	$775.11	$1,133.23	31.6%
Apartment Rent	$390.00	$920.00	57.6%

Transportation

Item	Tucumcari	National avg.	Difference
Gasoline	$1.72	$1.99	13.6%
Tire Balancing	$42.69	$45.76	6.7%

Utilities

Item	Tucumcari	National avg.	Difference
All Electricity	$134.27	$163.81	18.0%
Phone	$25.00	$28.39	11.9%

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, State	Population	Cost of Living Index	National Avg.
Tucumcari, NM	5,237	74	-26%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Ironwood, MI	5,237	77	-23%
Odessa, MO	5,237	89	-11%
Sugarcreek, PA	5,238	81	-19%
Springhill, LA	5,239	79	-21%
Center, TX	5,239	82	-18%
Tucumcari, NM	5,237	74	-26%

Source: The Tucumcari, NM cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Tucumcari, NM Cost of Living