A+
3%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
3%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Artesia New Mexico National
Cost of living9793100
Goods & Services9797100
Groceries9797100
Health care9497100
Housing9786100
Transportation9495100
Utilities9990100

An Overview of Cost of Living in Artesia, NM

Knowing the cost of living in Artesia allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Artesia stands at 97, marking it 3% lower than the national average.

In Artesia, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Artesia will resemble that of an average city, contributing to a manageable cost of living.

Is Artesia Affordable?

Is Artesia affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Artesia, for instance, where the median home price falls 0.4% higher than the national average, and monthly rent rates are 11.1% lower than usual. Additionally, median income levels contribute to the equation, with Artesia flaunting a median household income of $56,503, 2.1% higher than the national norm.

What Factors can Influence the Cost of Living in Artesia?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Artesia, healthcare costs are 6.3% lower than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Artesia, is 3% lower than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Where is the Data From?

The cost of living in Artesia, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Artesia is 4% higher than the New Mexico average
  • The cost of living in Artesia is 3% lower than the national average
  • Artesia housing is 3% lower than the national average
  • New Mexico general sales tax is 2% lower than the national average
  • New Mexico state income tax is 35% lower than the national average

Most Affordable Places to Live in and Around Artesia

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Compare Artesia, NM Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$91,063$7,589$2,125$2,732
      Renters$40,500$3,375$945$1,215
      The affordability of the housing market in Artesia, NM as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Artesia homeowners, the median income is $91,063. This indicates that a monthly maximum of $2,125 should be spent by homeowners on all housing related costs. Renters have a median income of $40,500. This indicates that renters would have a maximum of $945 for their rent related monthly costs.

      New Mexico Sales Tax

      State General Sales Tax With Max Surtax
      New Mexico 5% 8.688%

      New Mexico Income Tax

      State Income Tax (Low) Income Tax (High)
      New Mexico 1.7% 5.9%

      Goods & Services

      Item Artesia National avg. Difference
      Haircut $27.73$24.2614.3%
      Beauty Salon $70.27$45.5654.2%
      Toothpaste $3.61$3.702.5%
      Shampoo $1.15$1.2810.2%
      Movie $11.70$12.133.6%
      Bowling $17.73$18.001.5%

      Groceries

      Item Artesia National avg. Difference
      Ground Beef $5.50$5.845.8%
      Fried Chicken $1.67$1.576.0%
      Milk $4.58$4.672.0%
      Potatoes $4.86$4.931.5%
      Pizza $11.64$12.093.7%
      Beer $10.47$10.410.6%

      Health Care

      Item Artesia National avg. Difference
      Optometrist $134.65$125.687.1%
      Doctor $146.52$135.787.9%
      Dentist $122.61$113.298.2%
      Ibuprofen $10.35$10.652.8%
      Lipitor $466.56$468.600.4%

      Housing

      Item Artesia National avg. Difference
      Home Price $185,500.00$184,700.000.4%
      Avg. Mortgage Payment $1,699.62$2,346.6927.6%
      Apartment Rent $844.00$949.0011.1%

      Transportation

      Item Artesia National avg. Difference
      Gasoline $3.06$3.4611.5%
      Tire Balancing $61.55$59.922.7%

      Utilities

      Item Artesia National avg. Difference
      All Electricity $137.32$193.9929.2%
      Phone $207.58$192.258.0%
      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 Population Cost of Living Index National Avg.
      Morningside, NM6346930.9%
      Lake Arthur, NM4038316.8%
      Atoka, NM1,275919.1%
      Artesia, NM12,463973.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mountain Home, AR12,4638416.1%
      Salisbury, NY12,46314847.7%
      South Charleston, WV12,4618911.4%
      Palos Heights, IL12,46011919.2%
      Marysville, CA12,46711312.9%
      Artesia, NM12,463973.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.