Truth or Consequences, NM Cost Of Living

Truth or Consequences cost of living index

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.
Index	Truth or Consequences	New Mexico	National
Cost of living index	80	92	100
Index	Truth or Consequences	New Mexico	National
Goods & Services index	91	94	100
Groceries index	116	105	100
Health care index	105	103	100
Housing index	45	86	100
Transportation index	98	100	100
Utilities index	72	78	100

The above illustration supplies generalized information for the Truth or Consequences, NM cost of living index. Compared to other cities in New Mexico and cities across the country, the cost of living index in Truth or Consequences, NM is 80, which is 13% lower than the New Mexico average and 20% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Truth or Consequences, NM are 3% lower than the average for New Mexico and 9% lower than the rest of the country.

Did you know?

The cost of living in Truth or Consequences is 13% lower than the New Mexico average.
The cost of living in Truth or Consequences is 20% lower than the national average.
The cost of housing in Truth or Consequences is 55% 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.

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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

The salary calculator is meant to help you compare your salary in Truth or Consequences, NM to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Truth or Consequences, NM, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Truth or Consequences, NM salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$32,500	$2,708	$758	$975
Renters	$14,863	$1,239	$347	$446

The affordability of the housing market in Truth or Consequences, NM as well as the overall cost of living can be indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Truth or Consequences, NM homeowners, the median income is $32,500. This indicates that a monthly maximum of $758 should be spent by homeowners on all housing related costs. Renters have a median income of $14,863. This indicates that renters should have a maximum of $347 used for their rent related monthly costs.

New Mexico Sales Tax

State	General Sales Tax	With Max Surtax
New Mexico	5.125%	8.688%

New Mexico Income Tax

State	Income Tax (Low)	Income Tax (High)
New Mexico	1.7%	4.9%

For those who live in Truth or Consequences, NM and want to know what the true cost of living is, they ought to look at both the New Mexico income tax rate and the New Mexico sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New Mexico, the sales tax is 5.125%, while the most you'll pay in surtax is 8.688%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New Mexico, the income tax rate ranges between 1.7% to 4.9%.

Goods & Services

Item	Truth or Consequences	National avg.	Difference
Haircut	$16.58	$16.09	3.1%
Beauty Salon	$54.29	$37.33	45.4%
Toothpaste	$2.45	$2.45	0.0%
Shampoo	$1.07	$1.00	7.2%
Movie	$9.39	$10.28	8.7%
Bowling	$4.01	$4.93	18.7%

Groceries

Item	Truth or Consequences	National avg.	Difference
Ground Beef	$3.99	$3.80	5.0%
Fried Chicken	$2.25	$1.40	60.9%
Milk	$2.31	$2.01	15.2%
Potatoes	$2.57	$3.01	14.5%
Pizza	$9.94	$9.89	0.5%
Beer	$7.93	$8.90	10.9%

Health Care

Item	Truth or Consequences	National avg.	Difference
Optometrist	$95.35	$102.16	6.7%
Doctor	$124.44	$108.36	14.8%
Dentist	$95.75	$92.53	3.5%
Ibuprofen	$9.11	$9.28	1.8%
Lipitor	$427.36	$425.82	0.4%

Housing

Item	Truth or Consequences	National avg.	Difference
Home Price	$77,600.00	$184,700.00	58.0%
Avg. Mortgage Payment	$1,028.72	$1,202.44	14.4%
Apartment Rent	$500.00	$949.00	47.3%

Transportation

Item	Truth or Consequences	National avg.	Difference
Gasoline	$2.14	$2.24	4.7%
Tire Balancing	$47.69	$46.29	3.0%

Utilities

Item	Truth or Consequences	National avg.	Difference
All Electricity	$109.47	$165.96	34.0%
Phone	$22.69	$28.68	20.9%

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, State	Population	Cost of Living Index	National Avg.
Caballo, NM	32	95	-5%
Hot Springs Landing, NM	129	95	-5%
Williamsburg, NM	451	82	-18%
Elephant Butte, NM	1,515	88	-12%
Las Palomas, NM	412	91	-9%
Truth or Consequences, NM	6,157	80	-20%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Milliken, CO	6,157	101	1%
Heathrow, FL	6,157	124	24%
Satsuma, AL	6,159	95	-5%
Pleasure Point, CA	6,155	185	85%
East Pasadena, CA	6,159	170	70%
Truth or Consequences, NM	6,157	80	-20%

Source: The Truth or Consequences, NM cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Truth or Consequences, NM Cost of Living