Cost of Living in Clovis, NM

With a cost of living index of 74, Clovis, NM is one of the most affordable cities in the country. Living here is 26% cheaper than the national average and 12% below the New Mexico state average of 86. With a population of 38,153, Clovis is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Clovis's cost of living. The median monthly rent is $947 (28% below the US median of $1,319), and the median home value sits at $160,000 (48% below the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Clovis is $54,029, which is 28% lower than the national median of $75,149. Residents spend roughly 21% 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.