Where New Mexico’s Household Expenses are the Highest in 2022

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How does living in the Land of Enchantment state affect your wallet? doxo breaks down key insights about New Mexico’s household expenses, with a close eye to how bills differ in towns and cities across the state. The average household in New Mexico, doxo’s data reveals, pays $1,663 in bills per month.

doxo’s data also has infographics for 25 cities and towns across New Mexico, breaking down localized bill pay data figures as well. The state-wide rankings for most and least expensive cities provide insight into cost of living in New Mexico and how it changes according to location.

The data sheds light on New Mexico’s cost of living through other metrics, too. For example, the “percent of household income” data point shows what percentage of household income local residents spend on bills. doxo’s data also indicates how much more or less expensive specific cities are than the national and state average.

New Mexico residents pay $1,663 in household bills a month

The average New Mexico household pays $1,663 a month for the 10 most common household bills. This figure takes into account the 10 most common household bills, which are: Mortgage; Rent; Auto Loan; Utilities (electric, gas, water & sewer, and waste & recycling); Auto Insurance; Cable & Internet & Phone, Health Insurance (consumer paid portion); Mobile Phone; Alarm & Security; and Life Insurance.

New Mexico residents, overall, get a good deal on their bills: the state ranks 43rd out of 50 states in terms of average monthly spending. Alabama ranks 42nd, with annual monthly expenses of $1,688, and South Dakota ranks 44th, at $1,654.

New Mexico’s household expenses, on average, are 17.0% lower than the national average of $2,003.

Absolute dollar amounts don’t tell the full story, however. The “percentage of household income” metric provides a more proportional look at bill spending in a particular location. New Mexico households spend 41% of their income on household bills. For example, Connecticut is the 6th most expensive state and New York is the 7th most expensive, but New York residents spend 39% of their income on bills, while Connecticut residents spend only 35%. 

Annually, New Mexico residents pay $16 billion in household bills. See more data about bill pay in New Mexico by clicking on the infographic link below.

Data: doxoINSIGHTS’ bill pay infographic about New Mexico

  • Average Bill Cost per HH: $1,663 per month
  • State Bill Pay Market Size: $16 billion
  • doxoINSIGHTS State Rank: 43 out of 50
  • Percent of HHI Used for Bills: 41%
  • Difference from the National Average: 17% lower

 

Housing bill category drives New Mexico’s low monthly bill expenses

The average New Mexico household pays $1,663 in the 10 most common household bills per month. Rent and mortgage expenses drive savings, with both being considerably lower than the national average. The average mortgage payment in New Mexico is $1,049, and average rent is $836, compared to the national average mortgage bill of $1,368 and rent bill of $1,129.

Other than housing-related expenses, auto loans are the most significant of the 10 most common bills for Alabamians.  The average auto loan bill in New Mexico is $474 a month, compared to the national average of $433.

Compared to the national average, utilities are also a notably higher expense for residents of New Mexico. The average household in the state pays $342 a month for utilities, compared to the national average of $328.

Auto insurance, by contrast, is more affordable in New Mexico. While US residents on average spend $196 per month on car insurance, in New Mexico they spend just $177.

Note: Health Insurance and Life Insurance expenses do not account for payments made by employers on behalf of employees. These just include out-of-pocket expenses. Also, the state and national bill totals take into account the percentage of households that pay a bill.

Average New Mexico Household Bill Spending

Bill Category Average New Mexico Monthly Bill National Average Monthly Bill New Mexico Percent +/- National Average ($2,003)
Mortgage $1,049 $1,368 26% lower
Rent $836 $1,129 30% lower
Auto Loan $474 $433 9% higher
Utilities $342 $328 4% higher
Auto Insurance $177 $196 10% lower
Cable & Internet $104 $114 9% lower
Health Insurance $80 $123 42% lower
Mobile Phone $97 $113 15% lower
Alarm & Security $69 $84 20% lower
Life Insurance $71 $82 14% lower
Total $1,663 $2,003 17% lower

Santa Fe tops the list of most expensive cities for New Mexico’s household bills

Residents of Santa Fe pay the highest household bills in the state of New Mexico, at an average of $1,995 per month. Los Alamos comes second in the rankings, with residents paying $1,991 on average per month.

In proportion to household income, however, Santa Fe’s bills are costlier than ones in Los Alamos. While Santa Fe’s monthly bill basket makes up 39% of average household income there, Los Alamos’s bill basket accounts for just 21% of average household income in that area.

Access detailed infographics about each city or town by clicking on the hyperlinks in the “City” column in the tables below. You can also browse doxoINSIGHTS’ regional bill comparison database to see infographics about more than 4,200 cities and towns across all 50 states in the US.

10 Most Expensive New Mexico Cities for Household Bills

Rank
(1-10 out of 25)
City Monthly Bill Expenses Per Household* Percent of Household Income Used for Bills  
1 Santa Fe $1,995 39%  
2 Los Alamos $1,991 21%  
3 Farmington $1,792 39%  
4 Artesia $1,786 39%  
5 Rio Rancho $1,768 34%  
6 Edgewood $1,731 36%  
7 Albuquerque $1,687 38%  
8 Aztec $1,682 40%  
9 Carlsbad $1,658 29%  
10 Espanola $1,637 N/A %  

*Household Bill Pay Expense averages shown above reflect the ten most common bills paid, including housing (rent/mortgage).

Gallup is the most affordable New Mexico city for household bills

Out of 25 cities and towns, Gallup is the most affordable place in New Mexico, with residents paying $1,341 on average for household bills. Household bills account for 40% of local income in Gallup.

Deming comes in at the second most affordable town or city in New Mexico, with residents paying $1,345 per month on average.

Also on the list of 10 least expensive cities in New Mexico are Belen ($1,394 per month), Anthony ($1,449 per month), and Las Vegas ($1,452 per month).

10 Most Affordable New Mexico Cities for Household Bills

Rank
(16-25 out of 25)
City Monthly Bill Expenses Per Household Percent of Household Income Used for Bills
16 Bloomfield $1,519 35%
17 Las Cruces $1,509 42%
18 Clovis $1,504 39%
19 Roswell $1,478 40%
20 Silver City $1,467 43%
21 Las Vegas $1,452 58%
22 Anthony $1,449 57%
23 Belen $1,394 44%
24 Deming $1,345 58%
25 Gallup $1,341 40%

In the wake of the rise of remote work, some individuals may be deciding whether to move from a more expensive city to a less expensive one. doxoINSIGHTS can be a valuable resource for consumers seeking to make key decisions like this, allowing them to compare New Mexico’s household expenses against average bills in different cities and states across the country. They can also usedoxoINSIGHTS’ regional bill comparison database to compare average costs for over 900 towns and cities across the country.

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