The median home price in New Mexico is $290,781, which has increased by 5.0% since the last year. The New Mexico housing market has witnessed a 4.8% year-over-year decline in the number of homes listed. However, there is still a 4-month supply left. This indicates that there are enough houses for sale, creating a buyer’s market.
As per our research, home prices are relatively higher in northern areas near Santa Fe. On the other hand, as you move towards the southern areas of the Land of Enchantment like Portales, you can find cheaper housing options.
4 Reasons to live in NM🌶️
- Cheaper Houses: The median home sale price in New Mexico is ~$288K but you can get houses between $125K and $191K in cities like Portales, Deming, and Gallup.
- Tax Benefits: New mexico residents have zero inheritance, estate and franchise taxes. This makes it one of the most tax friendly state.
- Affordable Healthcare: Healthcare costs in cities that are mentioned below are up to 17% lower than the state average. In some cities, the average healthcare is even cheaper than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the state average and national average. You can save up to $400 per month in rent.
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View 234 Homes For Sale in New Mexico
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Cheapest Places to Live in New Mexico in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Portales | $44,101 | $128,393 | 12,151 | 6.1% | 23.4% |
| Deming | $30,491 | $129,543 | 14,730 | 18.5% | 27.9% |
| Roswell | $46,034 | $137,327 | 48,347 | 8.0% | 23.3% |
| Lovington | $60,357 | $137,327 | 11,505 | 11.3% | 21.7% |
| Clovis | $50,109 | $155,850 | 38,505 | 5.7% | 20.6% |
| Las Vegas | $34,335 | $180,234 | 13,247 | 8.2% | 30.3% |
| Gallup | $54,537 | $191,731 | 21,901 | 10.7% | 28.2% |
7 Cheapest Places to Live in New Mexico
The annual population growth of 2.4% since 2010 reflects people’s intention to move to New Mexico. If you’re considering shifting to New Mexico, here are some cities that offer affordable living options:
1. Portales
| 🟢 Cost of Living Compared to National Average | 16%⬇️ |
| 🏡 Median Home Price | $128,393 |
| 💲 Median Rent | $729 |
| 🏫 Known For | Blackwater Draw Museum |
Portales is an affordable place to live in New Mexico. Its median house rent ranges from $400 – $2,000. The transportation costs are 5.2% lower than the national average.
Portales is recognized for its pleasant weather, welcoming atmosphere, and lively cultural scene. With two major universities and multiple public schools, it’s an excellent location for students.
The city offers diverse educational opportunities, including vocational programs, community college classes, and other education courses.
» Homes for Sale in Portales, NM: Find your dream home in this city.
2. Deming
| 🟢 Cost of Living Compared to National Average | 10.7%⬇️ |
| 🏡 Median Home Price | $129,543 |
| 💲 Median Rent | $850 |
| 🪨 Known For | City of Rocks State Park |
Deming is one of the most budget-friendly rental destinations in New Mexico. The average home rent is $1,150 less than the national average. It also offers affordable healthcare which is 8.3% lower than the national average.
Deming, a city northwest of Las Cruces, offers diverse recreational activities like golf at Deming Municipal Golf Course. Additionally, the city hosts baseball tournaments. Memorial Park in Deming hosts Little League games.
» Homes for Sale in Deming, NM: Browse thousands of property listings in Deming.
3. Roswell
| 🟢 Cost of Living Compared to National Average | 28.8%⬇️ |
| 🏡 Median Home Price | $137,327 |
| 💲 Median Rent | $1,250 |
| 🛸 Known For | International UFO Museum |
With rental costs below the national average, Roswell stands as one of the cheapest cities to live in New Mexico. The house rent price in this city is between $650 – $3,200.
The city is renowned as the global UFO hub. It also boasts diverse year-round attractions. Outdoor enthusiasts can enjoy activities such as hiking at Bitter Lake National Wildlife. They can also explore Bottomless Lakes State Park.
» Homes for Sale in Roswell, NM: View all the properties for sale in this city.
4. Lovington
| 🟢 Cost of Living Compared to National Average | 20.6%⬇️ |
| 🏡 Median Home Price | $147,560 |
| 💲 Median Rent | $900 |
| 🖼️ Known For | Cadillac Ranch |
Lovington offers budget-friendly living with a median rent which is $1,000 lower than the national median. With monthly utilities costs being 13.6% lower than the state average, the city stands out as one of the most inexpensive places to live in New Mexico.
Lovington is a wonderful place with several activities for the residents. Plenty of outdoor pursuits are accessible throughout the year, like camping at White River Lake or hiking in Cielo Grande Recreation Area.
Residents can also enjoy local sports events such as softball matches at Gerald Thomas Field and golfing at Meadow Lakes Golf Course.
» Homes for Sale in Lovington, NM: Browse through thousands of affordable properties.
5. Clovis
| 🟢 Cost of Living Compared to National Average | 25.3%⬇️ |
| 🏡 Median Home Price | $155,850 |
| 💲 Median Rent | $1,131 |
| 🦏 Known For | Hillcrest Park Zoo |
Clovis’ cost of living is 10.4% lower than the national average. The transportation costs are also 29.8% lower than the national average.
The city is known for its varied wildlife attractions. Residents can engage in numerous outdoor activities like fishing at Ledoux Dams or camping at Ned Houk Memorial Park.
» Homes for Sale in Clovis, NM: Browse through thousands of properties in Clovis.
6. Las Vegas
| 🟢 Cost of Living Compared to National Average | 21.5%⬇️ |
| 🏡 Median Home Price | $180,234 |
| 💲 Median Rent | $1,400 |
| 🏫 Known For | Rough Rider Memorial |
The house rent in Las Vegas is between $475 – $1,375. You can comfortably live in this city with an average household income of $52,963.
Las Vegas provides ample recreational activities. The Ilfeld Auditorium, situated nearby, hosts various local groups, such as the Las Vegas Little Theatre.
» Homes for Sale in Las Vegas, NM: Find a home in one of the cheapest places to live in New Mexico.
7. Gallup
| 🟢 Cost of Living Compared to National Average | 18%⬇️ |
| 🏡 Median Home Price | $191,731 |
| 💲 Median Rent | $1,375 |
| 🌄 Known For | High Desert Mountain Trails |
Gallup is one of the best places to live in New Mexico. The median home price is $191,731. The monthly expenditure on food for an individual amounts to $575. Gallup is one of the most budget-friendly options across the country.
The city offers a variety of attractions, including museums, restaurants, and riverfront parks like Town Common. River Park North and the New Mexico University campus notably contribute to the city’s distinctive charm.
» Homes for Sale in Gallup, NM: Get yourself a home in Gallup.
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Bottom Line
The cost of living in New Mexico is 5% lower than the national average. It is also home to some of the most expensive cities in America. However, if you want to move to New Mexico, you can find affordable housing in cities like Deming, Roswell, and Gallup.
Cities like Portales and Clovis have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
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View 234 Homes For Sale in New Mexico
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Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for these cities’ population, median household income, poverty rate, and unemployment rate.
To compile this list of the cheapest areas to live in New Mexico, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
Frequently Asked Questions
Which is the cheapest place to live in New Mexico?
The cheapest place to live in New Mexico is Portales.
» 7 Cheapest Places to Live in New Mexico: Find out the other cheapest places to live in New Mexico!
Is New Mexico the cheapest place to live in?
No, it is not. The median home value is $290,781. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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