Cost Of Living in Truth or Consequences, NM

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21%

Overall NAT. AVG.

6%

Goods & Services NAT. AVG.

52%

Housing NAT. AVG.

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	Truth or Consequences	New Mexico	National
Cost of living	79	93	100
Goods & Services	94	97	100
Groceries	96	97	100
Health care	98	97	100
Housing	48	86	100
Transportation	96	95	100
Utilities	81	90	100

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Cost Of Living Quick Facts

The cost of living in Truth or Consequences is 14% lower than the New Mexico average
The cost of living in Truth or Consequences is 21% lower than the national average
Truth or Consequences housing is 52% 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

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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	$28,283	$2,357	$660	$849
Renters	$24,904	$2,075	$581	$747

The affordability of the housing market in Truth or Consequences, 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 Truth or Consequences homeowners, the median income is $28,283. This indicates that a monthly maximum of $660 should be spent by homeowners on all housing related costs. Renters have a median income of $24,904. This indicates that renters would have a maximum of $581 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	Truth or Consequences	National avg.	Difference
Haircut	$24.56	$24.26	1.2%
Beauty Salon	$46.00	$45.56	1.0%
Toothpaste	$3.67	$3.70	0.8%
Shampoo	$1.09	$1.28	15.2%
Movie	$13.00	$12.13	7.1%
Bowling	$14.33	$18.00	20.4%

Groceries

Item	Truth or Consequences	National avg.	Difference
Ground Beef	$5.69	$5.84	2.6%
Fried Chicken	$1.32	$1.57	16.1%
Milk	$4.53	$4.67	3.0%
Potatoes	$4.15	$4.93	15.8%
Pizza	$12.38	$12.09	2.4%
Beer	$10.68	$10.41	2.5%

Health Care

Item	Truth or Consequences	National avg.	Difference
Optometrist	$150.67	$125.68	19.9%
Doctor	$140.33	$135.78	3.4%
Dentist	$113.72	$113.29	0.4%
Ibuprofen	$10.29	$10.65	3.4%
Lipitor	$517.39	$468.60	10.4%

Housing

Item	Truth or Consequences	National avg.	Difference
Home Price	$84,300.00	$184,700.00	54.4%
Avg. Mortgage Payment	$2,303.17	$2,346.69	1.9%
Apartment Rent	$505.00	$949.00	46.8%

Transportation

Item	Truth or Consequences	National avg.	Difference
Gasoline	$3.35	$3.46	3.3%
Tire Balancing	$53.65	$59.92	10.5%

Utilities

Item	Truth or Consequences	National avg.	Difference
All Electricity	$192.00	$193.99	1.0%
Phone	$189.63	$192.25	1.4%

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.
Hot Springs Landing, NM	47	93	7.0%
Caballo, NM	118	93	7.0%
Oasis, NM	117	93	7.0%
Williamsburg, NM	481	79	20.8%
Las Palomas, NM	115	84	15.7%
Truth or Consequences, NM	5,839	79	20.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Oreland, PA	5,838	121	20.6%
Cumberland, IN	5,840	95	4.9%
Hingham, MA	5,837	210	109.7%
Manasquan, NJ	5,837	166	65.8%
Roseland, NJ	5,841	153	53.4%
Truth or Consequences, NM	5,839	79	20.5%