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New Mexico Yearly Expenses
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Multi-State
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US-175-AZ
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How to fill out Yearly Expenses?
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FAQ
Living costs in New Mexico often compare favorably to Texas, particularly in terms of housing affordability. Many residents find that New Mexico yearly expenses for essentials like food, healthcare, and transportation can be lower than those in Texas. However, depending on the city within these states, costs can fluctuate. It’s wise to explore both options to determine which aligns better with your budget and lifestyle.
Family of four estimated monthly costs are 2,910$ without rent. A single person estimated monthly costs are 818$ without rent. Albuquerque is 37.88% less expensive than New York (without rent). Rent in Albuquerque is, on average, 62.42% lower than in New York.
Average monthly expenses per household: $5,111. The average expenses per month for one consumer unit in 2020 was $5,111. That means the average spending per year is $61,334.
The majority of New Mexico enjoys a lower cost of living than the national average. Albuquerque is more expensive than other areas in New Mexico. The cost of living in Albuquerque is $50,000 to $60,000 per year. Housing costs in Albuquerque, New Mexico average nearly $20,000 every year.
Is it expensive to live in New Mexico? The cost of living in New Mexico is below the national average, which is why many people choose to move here. In fact, it costs 11.6% less than the U.S. average to live in New Mexico.
50 percent for necessities: $21,222. 30 percent for discretionary spending: $12,734. 20 percent for savings: $8,489. Income needed to live comfortably: $42,445 (down $1,450 from 2016)
Low Cost of Living New Mexico is renowned for its low cost of living, about 3.1% lower than the national average. The average home in New Mexico costs roughly $151,000.
The overall cost of living in New Mexico is 88.4, which is cheaper than the national average of 100. Expect to pay less for groceries, health care, pet rent fees, utilities, transportation, and housing than renters in most other states.
