Cost of Living in Peñasco, NM

With a cost of living index of 78, Peñasco, NM is a very affordable place to live. Living here is 22% cheaper than the national average and 9% below the New Mexico state average of 86. Peñasco is a small community of 613 residents.

Housing costs are the biggest factor in Peñasco's cost of living. The median monthly rent is $900 (32% below the US median of $1,319), and the median home value sits at $219,600 (28% below the national median of $304,900). At current prices, the median home costs roughly 5.7x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Peñasco is $38,750, which is 48% lower than the national median of $75,149. Residents spend roughly 28% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. 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.