A+
18%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
46%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Chaparral New Mexico National
Cost of living8293100
Goods & Services9497100
Groceries9697100
Health care8997100
Housing5486100
Transportation10395100
Utilities8890100

An Overview of Cost of Living in Chaparral, NM

Getting a feel for the cost of living in Chaparral is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Chaparral is 82, which is 18% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Chaparral housing costs are 45.6% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Chaparral residents can earmark a more manageable portion of their income to housing.

Is Chaparral Affordable?

Wondering if Chaparral is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Chaparral, for example, the median home price is 55% lower than what folks pay nationally, and monthly rent is 23.7% lower than the usual rates. Plus, income levels matter too, with Chaparral boasting a median household income of $31,186, which is 43.6% lower than the national average.

What Factors can Influence the Cost of Living in Chaparral?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Chaparral, the groceries index registers 3.6% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Chaparral, the housing index stands at 45.6% lower than the national average.

Where is the Data From?

The Chaparral cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Chaparral is 11% lower than the New Mexico average
  • The cost of living in Chaparral is 18% lower than the national average
  • Chaparral housing is 46% lower than the national average
  • New Mexico general sales tax is 2% lower than the national average
  • New Mexico state income tax is 35% lower than the national average

Most Affordable Places to Live in and Around Chaparral

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Compare Chaparral, NM Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$30,789$2,566$718$924
      Renters$31,351$2,613$731$941
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Chaparral, NM, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Chaparral, homeowners have a median income of $30,789. Using that number, a maximum of $718 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $31,351, which means there is a maximum of $731 to be spent on the costs of renting a home or apartment.

      New Mexico Sales Tax

      State General Sales Tax With Max Surtax
      New Mexico 5% 8.688%

      New Mexico Income Tax

      State Income Tax (Low) Income Tax (High)
      New Mexico 1.7% 5.9%

      Goods & Services

      Item Chaparral National avg. Difference
      Haircut $18.67$24.2623.1%
      Beauty Salon $38.94$45.5614.5%
      Toothpaste $3.64$3.701.7%
      Shampoo $1.21$1.285.8%
      Movie $9.50$12.1321.7%
      Bowling $11.67$18.0035.2%

      Groceries

      Item Chaparral National avg. Difference
      Ground Beef $5.68$5.842.8%
      Fried Chicken $1.57$1.570.2%
      Milk $4.53$4.673.0%
      Potatoes $4.55$4.937.9%
      Pizza $9.66$12.0920.1%
      Beer $10.31$10.410.9%

      Health Care

      Item Chaparral National avg. Difference
      Optometrist $72.61$125.6842.2%
      Doctor $96.89$135.7828.6%
      Dentist $90.94$113.2919.7%
      Ibuprofen $10.30$10.653.3%
      Lipitor $483.94$468.603.3%

      Housing

      Item Chaparral National avg. Difference
      Home Price $83,100.00$184,700.0055.0%
      Avg. Mortgage Payment $1,603.62$2,346.6931.7%
      Apartment Rent $724.00$949.0023.7%

      Transportation

      Item Chaparral National avg. Difference
      Gasoline $2.97$3.4614.3%
      Tire Balancing $45.89$59.9223.4%

      Utilities

      Item Chaparral National avg. Difference
      All Electricity $197.18$193.991.6%
      Phone $208.71$192.258.6%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Berino, NM1,7047920.9%
      La Union, NM9078019.8%
      Canutillo, TX4,9688218.0%
      Westway, TX3,3658218.0%
      Anthony, NM9,2838218.0%
      Chaparral, NM13,7448217.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lincoln, IL13,7428316.8%
      Maumee, OH13,742954.6%
      Grimes, IA13,7461000.4%
      Brookside, DE13,7411088.2%
      Blytheville, AR13,7358020.0%
      Chaparral, NM13,7448217.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.