A+
6%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
17%
Housing NAT. AVG.
Search Homes for Sale
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 Española New Mexico National
Cost of living9493100
Goods & Services10097100
Groceries9797100
Health care9697100
Housing8386100
Transportation9395100
Utilities9990100

An Overview of Cost of Living in Española, NM

Knowing the cost of living in Española allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Española stands at 94, marking it 6% lower than the national average.

Everyday expenditures like food, housing, goods and services, transportation and health care in Española are priced in a manner consistent with other areas. This means that residents of Española can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Española Affordable?

Is Española an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Española is 12.2% lower than the national average, while the average monthly rent prices are 27.3% lower than average. The affordability of any location can also be influenced by median income levels. Española has a median household income of $37,206, which is 32.7% lower than the national average.

What Factors can Influence the Cost of Living in Española?

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Española, the utilities index is 1.1% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Where is the Data From?

The cost of living in Española, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

New Real Estate Listings in Española Area
Search Homes for Sale in Española, NM

Cost Of Living Quick Facts

  • The cost of living in Española is 1% higher than the New Mexico average
  • The cost of living in Española is 6% lower than the national average
  • Española housing is 17% 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 Española

See all the best places to live around Española

Compare Española, NM Cost of Living

      vs
      How would you rate the cost of living in Española?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Española?
      Write a review to give others more information about this area.
      See all Española poll results

      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$42,785$3,565$998$1,284
      Renters$25,422$2,119$593$763
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Española, NM, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Española homeowners, is $42,785. This would allow for a maximum of $998 per month to be spent on housing costs. For renters, the median monthly income is $25,422 which would result in a maximum of $593 to be spent on rental costs.

      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 Española National avg. Difference
      Haircut $31.90$24.2631.5%
      Beauty Salon $50.83$45.5611.6%
      Toothpaste $3.62$3.702.3%
      Shampoo $1.15$1.2810.5%
      Movie $12.54$12.133.3%
      Bowling $20.89$18.0016.1%

      Groceries

      Item Española National avg. Difference
      Ground Beef $5.11$5.8412.5%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.63$4.671.0%
      Potatoes $4.18$4.9315.3%
      Pizza $13.42$12.0911.0%
      Beer $11.07$10.416.4%

      Health Care

      Item Española National avg. Difference
      Optometrist $136.89$125.688.9%
      Doctor $134.17$135.781.2%
      Dentist $111.42$113.291.7%
      Ibuprofen $10.43$10.652.1%
      Lipitor $380.06$468.6018.9%

      Housing

      Item Española National avg. Difference
      Home Price $162,100.00$184,700.0012.2%
      Avg. Mortgage Payment $1,905.97$2,346.6918.8%
      Apartment Rent $690.00$949.0027.3%

      Transportation

      Item Española National avg. Difference
      Gasoline $3.50$3.461.1%
      Tire Balancing $43.87$59.9226.8%

      Utilities

      Item Española National avg. Difference
      All Electricity $191.24$193.991.4%
      Phone $190.51$192.250.9%
      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.
      Canova, NM575982.1%
      La Villita, NM312982.1%
      Cordova, NM553982.1%
      Cuartelez, NM93982.1%
      Velarde, NM189982.1%
      Española, NM10,071946.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Kennett, MO10,0698020.1%
      Lexington, NE10,0698415.8%
      Marina del Rey, CA10,065212111.5%
      Bernalillo, NM10,077954.8%
      Vernon, TX10,0788020.4%
      Española, NM10,071946.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.