A+
12%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
29%
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 Lovington New Mexico National
Cost of living8893100
Goods & Services9797100
Groceries9797100
Health care9197100
Housing7186100
Transportation9195100
Utilities9090100

An Overview of Cost of Living in Lovington, NM

Are you thinking about relocating, but curious about the potential cost of living in Lovington? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lovington stands at 88, making it 12% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Is Lovington Affordable?

Is Lovington an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Lovington, the median home price is 34.5% lower than what most folks pay across the country, and monthly rent prices are 14.9% lower than the usual rates. Income levels in Lovington come in at $60,401, which is 9.2% higher than the national average.

What Factors can Influence the Cost of Living in Lovington?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Lovington, the prevailing sales tax rate starts at 5%, and income tax rates kick off at 1.7%.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The Lovington cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Lovington is 5% lower than the New Mexico average
  • The cost of living in Lovington is 12% lower than the national average
  • Lovington housing is 29% 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 Lovington

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Compare Lovington, 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$62,872$5,239$1,467$1,886
      Renters$44,009$3,667$1,027$1,320
      To approximate the cost of living and the housing affordability in Lovington, NM, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Lovington have a median income of $62,872. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,467 per month to avoid calamity and poverty. The renters in the city have an income of about $44,009, which would make their monthly maximum allowable rental costs $1,027.

      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 Lovington National avg. Difference
      Haircut $31.33$24.2629.1%
      Beauty Salon $55.26$45.5621.3%
      Toothpaste $3.68$3.700.6%
      Shampoo $1.28$1.280.3%
      Movie $12.18$12.130.4%
      Bowling $22.25$18.0023.6%

      Groceries

      Item Lovington National avg. Difference
      Ground Beef $5.58$5.844.4%
      Fried Chicken $1.67$1.576.2%
      Milk $4.55$4.672.5%
      Potatoes $4.87$4.931.3%
      Pizza $13.76$12.0913.8%
      Beer $10.37$10.410.4%

      Health Care

      Item Lovington National avg. Difference
      Optometrist $129.03$125.682.7%
      Doctor $113.33$135.7816.5%
      Dentist $109.67$113.293.2%
      Ibuprofen $10.27$10.653.6%
      Lipitor $497.63$468.606.2%

      Housing

      Item Lovington National avg. Difference
      Home Price $121,000.00$184,700.0034.5%
      Avg. Mortgage Payment $1,909.05$2,346.6918.6%
      Apartment Rent $808.00$949.0014.9%

      Transportation

      Item Lovington National avg. Difference
      Gasoline $3.26$3.465.9%
      Tire Balancing $55.19$59.927.9%

      Utilities

      Item Lovington National avg. Difference
      All Electricity $189.14$193.992.5%
      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.
      Lovington, NM11,4008812.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Collegedale, TN11,4021000.2%
      Williams Lake, BC11,397n/a 
      Endwell, NY11,396928.1%
      Tarrytown, NY11,39416261.8%
      Highland City, FL11,3921000.5%
      Lovington, NM11,4008812.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.