Truth or Consequences, New Mexico Cost Of Living

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Overall 22%

Goods & Services 12%

Housing 55%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	78	92	100
Goods & Services	89	93	100
Groceries	97	96	100
Health care	100	98	100
Housing	45	86	100
Transportation	101	98	100
Utilities	83	90	100

Key findings

The cost of living in Truth or Consequences is 15% lower than the New Mexico average
The cost of living in Truth or Consequences is 22% lower than the national average
Truth or Consequences housing 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 31% 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	$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 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 $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 would have a maximum of $347 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%

Goods & Services

Item	Truth or Consequences	National avg.	Difference
Haircut	$16.11	$20.27	20.5%
Beauty Salon	$36.83	$40.39	8.8%
Toothpaste	$2.92	$2.36	23.6%
Shampoo	$0.88	$1.08	18.2%
Movie	$12.18	$10.99	10.9%
Bowling	$10.78	$15.49	30.4%

Groceries

Item	Truth or Consequences	National avg.	Difference
Ground Beef	$4.84	$4.30	12.6%
Fried Chicken	$1.05	$1.40	25.2%
Milk	$3.31	$2.20	50.4%
Potatoes	$2.85	$3.22	11.6%
Pizza	$9.99	$10.74	7.0%
Beer	$7.98	$9.60	16.9%

Health Care

Item	Truth or Consequences	National avg.	Difference
Optometrist	$107.20	$109.73	2.3%
Doctor	$106.77	$118.34	9.8%
Dentist	$99.67	$100.94	1.3%
Ibuprofen	$11.56	$9.93	16.4%
Lipitor	$489.46	$469.53	4.2%

Housing

Item	Truth or Consequences	National avg.	Difference
Home Price	$77,600.00	$184,700.00	58.0%
Avg. Mortgage Payment	$992.10	$1,229.62	19.3%
Apartment Rent	$500.00	$949.00	47.3%

Transportation

Item	Truth or Consequences	National avg.	Difference
Gasoline	$2.88	$2.71	6.4%
Tire Balancing	$47.87	$51.86	7.7%

Utilities

Item	Truth or Consequences	National avg.	Difference
All Electricity	$117.35	$170.84	31.3%
Phone	$188.36	$187.18	0.6%

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	129	92	8.4%
Caballo, NM	32	92	8.4%
Williamsburg, NM	451	79	20.6%
Elephant Butte, NM	1,515	86	14.2%
Las Palomas, NM	412	88	11.7%
Truth or Consequences, NM	6,157	78	22.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Milliken, CO	6,157	102	2.4%
Heathrow, FL	6,157	126	26.0%
Pleasure Point, CA	6,155	187	86.9%
Satsuma, AL	6,159	91	8.6%
East Pasadena, CA	6,159	173	72.6%
Truth or Consequences, NM	6,157	78	22.3%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.