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.
A general summary of the cost of living index in Albuquerque, NM is shown above. Compared to the state average of New Mexico the cost of living index in Albuquerque, NM is 95, which is 3% higher than 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 Albuquerque, NM goods and services come in at 3% higher than the average in New Mexico and are 3% lower than compared to the nationwide average.
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The cost of living in Albuquerque is 3% higher than the New Mexico average.
The cost of living in Albuquerque is 5% lower than the national average.
The cost of housing in Albuquerque is 4% 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.
Compare Albuquerque, NM Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is used in order to provide a comparison of your current salary in Albuquerque, NM to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Albuquerque, NM, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Albuquerque, NM salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Albuquerque, NM, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Albuquerque, NM has a median income of about $65,861 for people who own homes. Based on that number, a person should spend a maximum of $1,537 on expenses related to housing. Renters have a slightly different median income, which is $29,307. Based on this average, renters should spend no more than $684 on all of their rental costs if they want to maintain a non-impoverished standard of living.
New Mexico Sales Tax
General Sales Tax
With Max Surtax
New Mexico Income Tax
Income Tax (Low)
Income Tax (High)
The New Mexico sales tax and New Mexico income tax rates should definitely be considered when determining the overall cost of living in Albuquerque, NM. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New Mexico sales tax is 5.125% and the maximum surtax is 8.688%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New Mexico income tax rates range from 1.7% to 4.9%.
Goods & Services
Avg. Mortgage Payment
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.