Cost of Living in Hernandez, NM

With a cost of living index of 70, Hernandez, NM is one of the most affordable cities in the country. Living here is 30% cheaper than the national average and 16% below the New Mexico state average of 86. Hernandez is a small community of 802 residents.

Housing costs are the biggest factor in Hernandez's cost of living. The median monthly rent is $748 (43% below the US median of $1,319), and the median home value sits at $181,900 (40% below the national median of $304,900). At current prices, the median home costs roughly 7.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Hernandez is $24,259, which is 68% lower than the national median of $75,149. Residents spend roughly 37% 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.