New Mexico attracts Americans from all over. And there are good reasons why: Affordable healthcare, tax benefits, and cheaper houses. You can’t go wrong with the Land of Enchantment State!
Although property prices have risen in recent years, the average home value in the top 10 cheapest cities is still only around $250,000. Portales’s cost of living is 30.7% lower than the national average, and Grants is 29.8% more affordable than the rest of the country.
But that’s not all! Retirees can enjoy Deming’s friendly community and peaceful environment, with homes averaging a nominal $139K. Meanwhile, Gallup offers a booming job market in education, healthcare, and technology, with median home prices at just $203,505.
Cheapest Places to Live in New Mexico in 2024
Here’s our ranking of the most affordable places to live in New Mexico. We’ve considered the average household income, median list price, median house rent, and the population of the cities.
| City | Median Home Value | Median House Rent | Cost of Living Compared to National Average | Median Household Income | Population |
|---|---|---|---|---|---|
| 1. Portales | $134,809 | $900 | 30.7% lower ⬇️ | $49,313 | 11,859 |
| 2. Deming | $139,090 | $650 | 28.4% lower ⬇️ | $33,548 | 14,603 |
| 3. Roswell | $152,574 | $1,300 | 28.8% lower ⬇️ | $48,298 | 47,109 |
| 4. Lovington | $147,216 | $385 | 20.6% lower ⬇️ | $70,029 | 11,237 |
| 5. Clovis | $157,789 | $1,169 | 25.3% lower ⬇️ | $52,983 | 37,612 |
| 6. Las Vegas | $202,102 | $1,100 | 21.5% lower ⬇️ | $39,558 | 12,905 |
| 7. Gallup | $203,505 | $900 | 22% lower ⬇️ | $58,358 | 20,451 |
| 8. Hobbs | $178,927 | $1,100 | 20.6% lower ⬇️ | $63,804 | 39,386 |
| 9. Farmington | $255,090 | $1,100 | 20.5% lower ⬇️ | $61,388 | 46,237 |
| 10. Grants | $140,270 | $700 | 29.8% lower ⬇️ | $55,631 | 8,996 |
10 Cheapest Places to Live in New Mexico
Here’s our list of 10 cities that offer affordable living options in the Land of Enchantment State:
#1 Portales
- Median house rent is $900 | Rental prices range between $475 and $2,000.
- Median home value of Portales is $134,809.
- Cost of living in Portales is 30.7% cheaper than the national average.
Portales is one of the most affordable places to live in New Mexico, with public transport 32.9% cheaper than the US median. Portales’ short commute times mean the nearby Blackwater Draw Museum is a popular attraction. The city is also home to the well-known Eastern New Mexico University, established in 1934.
» Portales Homes for Sale: Find your dream home in one of the cheapest and safest places to live in New Mexico.
#2 Deming
- Median house rent is $650 | Rental prices range between $600 and $1,300.
- Median home value of Deming is $139,090.
- Cost of living in Deming is 28.4% cheaper than the national average.
Deming’s average home rent is $1,400 less than the national average. Healthcare costs are also 11.8% less than the US median, which makes it ideal for seniors. Several native pottery artifacts, beads, stone implements, stone carvings, etc. have also been uncovered around Deming. These are now on display at multiple museums.
» Deming Homes for Sale: Browse homes for sale in one of the cheapest places to live in New Mexico.
#3 Roswell
- Median house rent is $1,300 | Rental prices range between $550 and $4,950.
- Median home value of Roswell is $152,574.
- Cost of living in Roswell is 28.8% cheaper than the national average.
With rental costs $750 below the national average, Roswell is one of the cheapest cities to live in New Mexico. It is home to Leprino Foods, one of the world’s largest mozzarella factories. In addition, the city has major employers such as Mjg Corporation and MBF Inspection Services. It is also renowned as the global UFO hub.
» Roswell Homes for Sale: Explore homes for sale in this affordable New Mexico town.
#4 Lovington
- Median house rent is $385 | Rental prices range between $385 and $2,100.
- Median home value of Lovington is $147,216.
- Cost of living in Lovington is 20.6% cheaper than the national average.
Monthly utilities in Lovington cost 15.5% lower than the US median, and healthcare is 12% cheaper. Camping at the White River Lake or hiking in the Cielo Grande Recreation Area are popular activities. Additionally, Lea County Electric and the Nor-Lea Hospital District are two key local employers.
» Lovington Homes for Sale: Find cheap homes for sale in this outdoor-friendly city in New Mexico.
#5 Clovis
- Median house rent is $1,169 | Rental prices range between $300 and $2,900.
- Median home value of Clovis is $157,789.
- Cost of living in Clovis is 25.3% cheaper than the national average.
Clovis’ transportation costs are 36.7% lower than the national average, and housing costs are 41.9% lower. The city is known for housing several wildlife species in the Hillcrest Park Zoo. It also has a strong economy supported by major companies like Epcor Utilities, Inc. and Livingston Hearing Aid Ctr.
» Clovis Homes for Sale: Browse through thousands of cheap houses in Clovis.
#6 Las Vegas
- Median house rent is $1,100 | Rental prices range between $750 and $1,500.
- Median home value of Las Vegas is $202,102.
- Cost of living in Las Vegas is 21.5% cheaper than the national average.
You can comfortably live in Las Vegas with an average annual household income of $52,963. Healthcare expenses are also 14.9% lower than the national average. Besides, performances are common in the Ilfeld Auditorium. Las Vegas also has numerous historic structures, with over 900 listed on the National Register of Historic Places.
» Las Vegas Homes for Sale: Check out affordable and cheap homes in this historic town.
#7 Gallup
- Median house rent is $1,775 | Rental prices range between $801 and $4,500.
- Median home value of Gallup is $203,505.
- Cost of living in Gallup is 22% cheaper than the national average.
Food and groceries in Gallup cost an affordable $570 for an individual, monthly. Utilities also cost up to 4.9% lower than the US median. Gallup has a lively after-hours culture and hosts Indian dances during summer nights, and art crawls. It is also home to small museums, including a Navajo code talk museum.
» Gallup Homes for Sale: Explore homes in this cheap New Mexico city.
#8 Hobbs
- Median house rent is $1,100 | Rental prices range between $385 and $3,600.
- Median home value of Hobbs is $178,927.
- Cost of living in Hobbs is 20.6% cheaper than the national average.
Housing costs in Hobbs are 35.4% lower than the national average. Lea County State Bank and Leaders Industries are key employers that support the city’s economy. Quarrying, oil and gas extraction, retail, and educational services are the major industries in Hobbs. It is also home to Zia Park, a well-known casino, racetrack, and hotel.
» Hobbs Homes for Sale: Check out affordable properties for sale in Hobbs.
#9 Farmington
- Median house rent is $1,100 | Rental prices range between $600 and $3,500.
- Median home value of Farmington is $255,090.
- Cost of living in Farmington is 20.5% cheaper than the national average.
Transport in Farmington costs 21.8% less than the US median, and housing is 42.2% cheaper. It holds an annual ‘riverfest’ over the Memorial Day weekend at Berg Park and Animas Park. Its key highlights are the 10k, 5k, and 2 Mile Walk races. Additionally, Citizens Bank – NM and San Juan Regional Medical Center are major employers in this city.
» Farmington Homes for Sale: Explore Farmington properties for sale.
#10 Grants
- Median house rent is $700 | Rental prices range between $175 and $950.
- Median home value of Grants is $140,270.
- Cost of living in Grants is 29.8% cheaper than the national average.
Grants is highly affordable, and transport costs 32.4% less than the US average. It has historically prospered from railroad logging in the nearby Zuni Mountains. It continues to remain a crucial part of the rail network. Besides, Peabody Energy and Continental Divide Electric are major companies that employ locals.
» Grants Homes for Sale: Find affordable and cheap houses for sale in this quaint town.
So, Where Is the Cheapest Place to Live in NM?
You will find cheap houses for sale in New Mexico under 150K in cities like Portales, Deming, and Grants. They offer stable job opportunities, and the cost of living is more affordable than other New Mexico cities.
Cities like Lovington and Hobbs are slightly expensive but provide better job opportunities. You must research the home prices and living costs. Also, getting a mortgage pre-approval helps you stand out in the competition before buying a house in New Mexico.
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Research Methodology
To rank the top cities in New Mexico, we analyzed all the regions, evaluating them based on specific criteria. Below is a breakdown of the factors used and the sources of information that informed our rankings.
- Population: World Population Review [1]
- Median Home Price: Zillow [2]
- Median Rent: Zillow [3]
- Cost of Living: Rent Cafe [4]
Frequently Asked Questions
Which is the least expensive place to live in New Mexico?
The cheapest place to live in New Mexico is Portales. It has affordable living expenses 30.7% lower than the national average.
» 10 Cheapest Places to Live in New Mexico: Find out the other cheapest places to live in New Mexico.
Is it expensive to live in New Mexico?
Yes, it is. The median home value is $303,947. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
Where is the best place to live in New Mexico?
The best place to live in New Mexico is Los Alamos, followed by Rio Rancho, Roswell, Corrales, Silver City, Santa Fe, and Taos.
Which New Mexico city has the lowest cost of living?
Portales has the lowest cost of living, which is 30.7% and 21.6% lower than the national and state average, respectively.
