Cost of Living in Bayard, NM

With a cost of living index of 62, Bayard, NM is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 25% below the New Mexico state average of 86. Bayard is a small community of 2,370 residents.

Housing costs are the biggest factor in Bayard's cost of living. The median monthly rent is $653 (50% below the US median of $1,319), and the median home value sits at $118,100 (61% below the national median of $304,900). At current prices, the median home costs roughly 3.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Bayard is $33,269, which is 56% lower than the national median of $75,149. Residents spend roughly 24% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.