A+
13%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
32%
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 Portales New Mexico National
Cost of living8793100
Goods & Services9797100
Groceries9797100
Health care9197100
Housing6886100
Transportation9195100
Utilities9090100

An Overview of Cost of Living in Portales, NM

The cost of living in Portales affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Portales is 87, which is 13% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Is Portales Affordable?

Is Portales 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 Portales, for instance, where the median home price falls 36.6% lower than the national average, and monthly rent rates are 22.2% lower than usual. Additionally, median income levels contribute to the equation, with Portales flaunting a median household income of $41,507, 25% lower than the national norm.

What Factors can Influence the Cost of Living in Portales?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Portales, the groceries index is 3.1% lower than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Portales, the general sales tax rate starts at 5%, and income tax rates begin at 1.7%.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The cost of living in Portales, 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 Portales is 6% lower than the New Mexico average
  • The cost of living in Portales is 13% lower than the national average
  • Portales housing is 32% 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 Portales

See all the best places to live around Portales

Compare Portales, 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$55,952$4,663$1,305$1,679
      Renters$29,834$2,486$696$895
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Portales, NM, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Portales homeowners, is $55,952. This would allow for a maximum of $1,305 per month to be spent on housing costs. For renters, the median monthly income is $29,834 which would result in a maximum of $696 to be spent on rental 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 Portales 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 Portales 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 Portales 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 Portales National avg. Difference
      Home Price $117,100.00$184,700.0036.6%
      Avg. Mortgage Payment $1,909.05$2,346.6918.6%
      Apartment Rent $738.00$949.0022.2%

      Transportation

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

      Utilities

      Item Portales 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.
      Floyd, NM918316.9%
      Cannon AFB, NM2,5271033.5%
      Portales, NM11,7138713.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Arlington, TN11,71511010.3%
      Stratford, PE11,716n/a 
      Grafton, WI11,7181077.0%
      Webster, MA11,7191109.8%
      Florham Park, NJ11,71916463.6%
      Portales, NM11,7138713.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.