Cost of Living in Santa Fe, NM

With a cost of living index of 109, Santa Fe, NM is somewhat more expensive than average. Living here is 9% more expensive than the national average and 22% above the New Mexico state average of 86. With a population of 88,224, Santa Fe 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 Santa Fe's cost of living. The median monthly rent is $1,380 (5% above the US median of $1,319), and the median home value sits at $411,500 (35% above the national median of $304,900). At current prices, the median home costs roughly 5.9x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Santa Fe is $70,110, which is 7% 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.

Everyday prices in the Santa Fe, NM (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.