How Much Does It Cost to Live in Albuquerque, NM?

Whether you're relocating from a nearby area or gearing up for a cross-country move—if you're planning on living in Albuquerque, the first thing you'll need to know is whether you can afford it. You should ask movers questions before deciding if you can afford to hire a moving company. From housing and utilities to healthcare and everyday goods and services, explore our breakdown of the Albuquerque cost of living so you can prepare your budget.

Cost of living data provided by the Council for Community and Economic Research (C2ER).

How Much Does It Cost to Live in Albuquerque?

The average cost of living in Albuquerque is about 5% below the national average. This top Southwestern city is a great place to move to, offering residents affordable living, with housing, utilities, and transportation costs over 10% lower than the national average—but certain costs like healthcare range a bit higher. Take a closer look at the Albuquerque cost of living comparison below!

Cost of Housing in Albuquerque

Albuquerque is a great city for affordable housing, specifically for homeowners! The average home price in Albuquerque is around 17% lower than the national average. Average rent in Albuquerque is slightly higher than the national average, but only by about 2.6%, so renters won't have to worry about affordability too much.

Cost of Utilities in Albuquerque (Monthly)

The average cost of utilities in Albuquerque is very affordable compared to the national average, especially energy costs. The average electric bill in Albuquerque is about 20% lower than the national average, giving residents a particularly affordable monthly cost of living! See more on utility costs below.

Cost of Groceries in Albuquerque

Food costs in Albuquerque generally stay within a few cents of the national average, whether the prices are higher or lower. Albuquerque residents can also find additional benefits from the New Mexico sales tax exemption on groceries, designed to provide access to affordable food for households. Learn more about grocery costs below.

Cost of Healthcare in Albuquerque

Healthcare costs in Albuquerque vary between costing more and less than the national average. For example, doctor visits will cost you about 5% less than the national average, but prescriptions tend to cost around 39% more than the national average, resulting in healthcare costs generally remaining on the expensive side.

Cost of Transportation in Albuquerque

Personal transportation costs for vehicle fuel and servicing are a great opportunity for Albuquerque residents to save! Car servicing appointments like tire balancing cost nearly 30% less than the national average. Explore a full transportation cost breakdown below.

Cost of Goods & Services in Albuquerque

Similar to individual grocery prices, the cost of individual everyday goods and services in Albuquerque tends to stay quite similar to the national average. Overall, the goods and services cost an average 2% higher, but individual prices only vary by a few dollars at most.

Frequently Asked Questions

Does New Mexico have sales tax?

Yes, the New Mexico sales tax rate ranges between 5% to 9% depending on your location—and the combined sales tax in Albuquerque is 7.63%. This combination comes from New Mexico's 4.88% rate added to Albuquerque's 2.75% rate. However, some items like groceries and educational or healthcare services are exempt from this tax, which helps to offset the higher rate. And with Albuquerque's affordable cost of living average, this sales tax won't break the bank.

What salary do you need to live comfortably in Albuquerque?

Though it depends on your lifestyle, where in the city you live, and how many people are in your household, residents need to make between $33,000 and $40,000 to live comfortably in Albuquerque. This needed yearly amount does increase with children, but with the median household income of the city being over $53,900, and an unemployment rate of less than 4%, this should be manageable for most families.

What is Albuquerque's housing like?

Albuquerque offers affordable housing options to buy or rent! however, because of the consistent moderate population increase over the last few years, there is a need for additional housing options. Fortunately, the city is adding several housing projects to compensate for this. However, because of the competitive rental market—and the fact that renting is on average more expensive in ABQ—it's a good idea for incoming residents to purchase a home in their desired area. Not only will this increase the likelihood that you'll find a home, but house prices are about 17% more affordable than the national average, making it great for real estate in general.

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