Cost of Living in Silver City, NM

With a cost of living index of 71, Silver City, NM is one of the most affordable cities in the country. Living here is 29% cheaper than the national average and 15% below the New Mexico state average of 86. Silver City is a smaller community of 9,574 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Silver City's cost of living. The median monthly rent is $851 (35% below the US median of $1,319), and the median home value sits at $160,900 (47% below the national median of $304,900). At current prices, the median home costs roughly 4.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Silver City is $39,025, which is 48% lower than the national median of $75,149. Residents spend roughly 26% 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.