Based on Individual income taxes (which you will pay on earnings), Sales taxes (pay for your purchases), property taxes (on your home or indirectly on your rent), unemployment insurance taxes (from your income), and general business taxes (impacting employers ability to offer jobs and good pay), in Albuquerque, the overall tax climate compared to the rest of the country is in the middle. Housing in Albuquerque, NM is thriving with a median value of $308,100. Albuquerque, New Mexico Cost Of Living - AreaVibes Monthly rates in garages are between $36.75 and $84, depending on location. The total income needed is $6,605 They are based on 185 prices entered by 16 different people. Natural vegetation is mainly desert scrub, grasses and small trees, with coniferous forests high in the mountains to the east. (5 miles), Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands), Short visit to private doctor (15 minutes), Standard men's haircut in expat area of the city, Basic dinner out for two in neighborhood pub, 2 tickets to the theater (best available seats), Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert, 1 beer in neighbourhood pub (500ml or 1pt. Summary. The average rent in Albuquerque, NM for a one-bedroom apartment in the city centre is approximately $1,365 per month, and utilities cost around $143 a month. That includes everything from going to the movies to buying toiletries to a salon day. The TRUE Cost of Living in New Mexico - UpNest Enter your current city to compare cost of living. Dry cleaning them with a two-piece suit is three bucks cheaper. The same type of job in the same type of company in Santa Fe, NM will typically pay $60,304 . 10 Best Independent Living Communities in Albuquerque, NM - A Place for Mom Check out Rent.s handy Rent Calculator. New York (Manhattan) Comparable Income: $65,085. Members receive 10 FREE city profile downloads a month, unlimited access to our detailed cost of living calculator and analysis, downloadable reports, and more. In Rio Rancho, utilities are 2.2 percent greater. Other New Mexico cities vary significantly, with the food in Las Cruces 4.8 percent over the national average, while Rio Rancho is under by 2.2 percent. Change the currency: Please note prices for healthcare will vary by individual depending on specific healthcare situations. Boston. The average single-family home cost in New Mexico is $193,200. It is ranked as number 76 in the United States, making it below average in driver friendliness. West of the city the land gradually rises to the Continental Divide, some 90 miles away. School service boundaries are intended to be used as reference only. Average summer temperatures are high, with warm days up to 90 degrees and cool nights. If you find that the housing costs in your destination city is much higher than where you are now, it would be a good idea to research some nearby locations to find lower rents and mortgage rates. By using Salary.com's Cost of Living Calculator, you can make a cost of living comparison of the Consumer Price Index ( CPI) and salary differentials of over 300+ US cities. Those represent a 19 percent, 11 percent and 0 percent increase from a year ago, respectively. His background includes a decade as a programming executive in network television, six years as a marketing executive at a technology company, and time at two magazines and two advertising agencies. On the opposite pole, Tucson and Colorado Springs are both only under by at least 5 percent. Cost of Living in Albuquerque, NM - Salary.com Albuquerque is the largest city in New Mexico and became a populated area because of Route 66. The Albuquerque housing market is somewhat competitive. Members receive 10 FREE city profile downloads a month, unlimited access to our detailed cost of living calculator and analysis, downloadable reports, and more. Total Cost of Joe Biden's Inflation Reduction Act Is Rising One Year The line has 13 stops, including three in Albuquerque. A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning. Ranked 502nd (TOP 5%) in the list of best places to live in the world and 88th best city to live in the United States, and 1st most liveable city in New Mexico. 20% of properties are at risk of severe flooding over the next 30 years, Albuquerque has minimal risk of severe winds over the next 30 years, 52% of properties are at moderate of prepaid mobile tariff (no discounts or plans), 1 month of gym membership in business district, Monthly rent - 45 m2 furnished studio in expensive area in, Combo meal in fast food restaurant (big mac meal or similar) in. The average cost of internet access in the U.S. is $66.20 per month. Transportation prices are cheaper than in the rest of the nation as a whole, good news for the cost of living in Albuquerque. Crowdsourced data is a vital part of the Internet, help us become better! Home appreciation the last 10 years has been 77.7%. Members receive 10 FREE city profile downloads a month, unlimited access to our detailed cost of living calculator and analysis, downloadable reports, and more. There are over 100 mostly small- and medium-size tech related companies, and the area has experienced some vulnerability to tech industry economic cycles. Decreasing steadily. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. Sure, while Bugs Bunny often took the wrong turn there, Albuquerque is a modern, cultural, tech-forward city with laid-back vibes and a diverse population. All Rights Reserved. It's no surprise that the housing market in Albuquerque is on an upward trend as it continues to be a desirable and growing area for people to live. The total GRT tax rate in Albuquerque is 7.875 percent, 5.125 percent from the state and 2.75 percent from the city. After that, fares may return to normal, increase, decrease or remain free, depending on city government determination. The cost of transportation in Albuquerque is significantly less than in other cities in the Land of Enchantment. Renters have a slightly different median income, which is $29,307. Let us help you make an informed decision about what it will cost to live and work in the city of your dreams! Call 1-855-287-5093 for details. Theres no GRT tax on grocery items, including candy and carbonated beverages, but only if purchased in person at a store. higher. Comparison Highlights But in the Chihuahuan Desert, prices are a fair bit less painful. The good news is each of those is flat year-to-year. Whether you're looking to move to Albuquerque to take advantage of the relatively low cost of living, the unbeatable weather, or a combination of both, you need an idea of what your costs will look like. Clear, sunny, dry days; an attractive mountain landscape; and a mostly healthy economy attract new residents from around the country. The total cost for energy in Albuquerque averages $155.04 a month. That means that the cost of living is just 7.6 percent below the national average, making Albuquerque an affordable Southwest city. living and what salary youll need to make in order to reach that standard. REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. Both Rio Rancho (2.1 percent over) and Las Cruces (5.5 percent over) exceed the national average. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Since groceries are an essential part of you. The latest migration analysis is based on a sample of about two Albuquerque, New Mexico is well known for its vibrant culture and gorgeous scenery - as well as its surprisingly affordable cost-of-living. But, a mens barbershop haircut, at $24.14, will make you pony up about $4 more. There are a number of arts organizations and the area, with its mix of Native American and Hispanic heritage, has a unique cultural flavor. Albuquerque city, New Mexico. There are many providers and various packages that are offered, many that bundle internet, cable, and phone together. The median sale price of a home in Albuquerque was $336K last month, up 7.1% since last year. You might be using an unsupported or outdated browser. READ REDFIN'S, Los Ranchos de Albuquerque Housing Market, Do not sell or share my personal information. How much has the cost of living risen in these New Mexico cities You'll have to take out a loan to live here. A crowdsourced database with a cost of living calculator for prices comparison in 9294 cities in 197 countries all over the world. Albuquerque Housing Market: House Prices & Trends | Redfin 4.8. Precipitation is adequate only for native vegetation. The home price to income ratio compares the median home prices to the median household income. Three-bedroom units are up 21 percent to $1,860. Carnuel, NM $4,103. app forAndroidandiOS. If the weather is bad, commute time can double! Thats a decrease in the cost of living of 2.12 percent from a year ago. Affordability is in individual services. Thats a steep 9.2 percent year-to-year increase. Albuquerque: $4,750. Utilities are often the second-highest recurring cost. Cost of Living 90.8 / 100 Median Home Price $308,100 Median Income $47,413 Comfort Index (Climate) 8.2 / 6.4 summer / winter Subscribe to Download Report Subscription Benefits United States / New Mexico / Albuquerque Metro Area / Bernalillo County / Albuquerque / Zip Codes Best Places to Live in Albuquerque, New Mexico Homes tend to cost 20.40% The median sale price of a home in Albuquerque was $337K last month, up 7.3% since last year. Housing is 8% lower than the national average, while utilities are 11% lower. 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