Cost of Living in Elephant Butte, NM

With a cost of living index of 81, Elephant Butte, NM is a very affordable place to live. Living here is 19% cheaper than the national average and 5% below the New Mexico state average of 86. Elephant Butte is a small community of 1,586 residents.

Housing costs are the biggest factor in Elephant Butte's cost of living. The median monthly rent is $1,169 (11% below the US median of $1,319), and the median home value sits at $166,800 (45% below the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Elephant Butte is $45,179, which is 40% lower than the national median of $75,149. Residents spend roughly 31% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. 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.