Texas vs New Mexico: cost of living compared
Statewide price levels and incomes from BEA (2024); gas prices from EIA (weekly).
Is it cheaper to live in Texas or New Mexico?
- Overall, New Mexico is 5.0% less expensive than Texas (BEA, 2024).
- To keep the same standard of living, $75,000 in Texas works out to about $71,300 in New Mexico, before taxes.
- Most of the difference is housing, which costs 23.7% less in New Mexico. Goods are 2.0% lower and other services 1.5% higher.
- After adjusting for local prices, personal income per person is $51,121 in New Mexico and $58,219 in Texas (12.2% lower in New Mexico; BEA, 2024, in 2017 dollars).
- Inside each state, metro price levels run from 87.7 in Farmington, NM to 98.8 in Santa Fe, NM (New Mexico) and from 83.8 in Eagle Pass, TX to 103.1 in Dallas, TX (Texas), US = 100.
- The gap is about where it was in 2019 (5.6%).
derived Calculated from BEA Regional Price Parities and real personal income by state. Statewide averages mix cities and rural areas; taxes are not included. How we calculate.
Category by category
Both states against the US average (100).
Housing drives the gap: 23.7% lower in New Mexico than in Texas
Price level by category, 2024. US average = 100.
- Texas
- New Mexico
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Texas | New Mexico | |
|---|---|---|
| All items | 97.1 | 92.2 |
| Goods | 98.1 | 96.1 |
| Housing (rents) | 96.5 | 73.6 |
| Utilities | 87.5 | 77.9 |
| Other services | 97.1 | 98.5 |
| Category | Texas | New Mexico | New Mexico vs Texas |
|---|---|---|---|
| All items | 97.1 | 92.2 | −5.0% |
| Goods | 98.1 | 96.1 | −2.0% |
| Housing (rents) | 96.5 | 73.6 | −23.7% |
| Utilities | 87.5 | 77.9 | −11.0% |
| Other services | 97.1 | 98.5 | +1.5% |
| Income per person, adjusted for prices | $58,219 | $51,121 | −12.2% |
| Regular gas, week of October 19, 2026* | $3.70 | $3.78 | +2.2% |
| Salary to match $75,000 in Texas | $75,000 | $71,300 | −5.0% |
Index values: BEA, 2024, US = 100. Income: BEA real personal income per person, 2017 dollars. Gas: EIA weekly retail prices. *Gulf Coast region average (EIA has no separate New Mexico figure).
Cheapest and most expensive places in each state
Texas
- Eagle Pass, TX 83.8
- Texarkana, TX 84.0
- McAllen, TX 85.9
- Brownsville, TX 86.0
- Laredo, TX 87.0
- Longview, TX 89.5
- Wichita Falls, TX 89.5
- Victoria, TX 89.8
- El Paso, TX 89.9
- Beaumont, TX 90.0
- Abilene, TX 90.4
- College Station, TX 91.0
- Killeen, TX 91.1
- Lubbock, TX 91.3
- Amarillo, TX 91.8
- Tyler, TX 92.2
- San Angelo, TX 92.5
- Waco, TX 92.6
- Corpus Christi, TX 92.7
- Sherman, TX 93.8
- Odessa, TX 93.9
- San Antonio, TX 94.7
- Midland, TX 95.8
- Austin, TX 98.1
- Houston, TX 98.6
- Dallas, TX 103.1
New Mexico
- Farmington, NM 87.7
- Las Cruces, NM 90.2
- Albuquerque, NM 95.5
- Santa Fe, NM 98.8
Metro areas ordered from cheapest to most expensive. BEA, 2024, US = 100.
How the gap has changed since 2008
The price gap between Texas and New Mexico has widened since 2008: 2.0 points then, 4.8 now
Overall price level each year, 2008–2024. US average = 100.
- Texas
- New Mexico
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by state, 2024 (US = 100).
Show the numbers
| Texas | New Mexico | |
|---|---|---|
| 2008 | 97.1 | 95.1 |
| 2009 | 96.7 | 96.0 |
| 2010 | 97.7 | 94.5 |
| 2011 | 97.0 | 97.1 |
| 2012 | 97.7 | 96.5 |
| 2013 | 98.1 | 95.6 |
| 2014 | 98.4 | 95.5 |
| 2015 | 98.3 | 95.4 |
| 2016 | 98.1 | 94.5 |
| 2017 | 97.4 | 95.7 |
| 2018 | 97.8 | 91.7 |
| 2019 | 98.5 | 93.0 |
| 2020 | 98.8 | 91.8 |
| 2021 | 98.4 | 89.7 |
| 2022 | 97.4 | 90.9 |
| 2023 | 97.1 | 91.0 |
| 2024 | 97.1 | 92.2 |
Goods
- Texas
- New Mexico
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by state, 2024 (US = 100).
Show the numbers
| Texas | New Mexico | |
|---|---|---|
| 2008 | 97.1 | 97.7 |
| 2009 | 96.1 | 100.6 |
| 2010 | 98.1 | 97.7 |
| 2011 | 96.5 | 98.7 |
| 2012 | 97.6 | 99.1 |
| 2013 | 97.6 | 97.6 |
| 2014 | 97.4 | 97.1 |
| 2015 | 97.1 | 98.4 |
| 2016 | 98.4 | 98.0 |
| 2017 | 97.1 | 100.8 |
| 2018 | 97.1 | 96.2 |
| 2019 | 97.9 | 99.3 |
| 2020 | 98.2 | 97.0 |
| 2021 | 98.5 | 96.8 |
| 2022 | 97.2 | 97.7 |
| 2023 | 98.1 | 97.4 |
| 2024 | 98.1 | 96.1 |
Housing (rents)
- Texas
- New Mexico
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by state, 2024 (US = 100).
Show the numbers
| Texas | New Mexico | |
|---|---|---|
| 2008 | 88.0 | 81.1 |
| 2009 | 88.2 | 79.5 |
| 2010 | 89.3 | 78.1 |
| 2011 | 89.7 | 83.5 |
| 2012 | 91.1 | 82.2 |
| 2013 | 91.4 | 81.3 |
| 2014 | 93.6 | 80.3 |
| 2015 | 94.0 | 78.8 |
| 2016 | 95.6 | 79.3 |
| 2017 | 95.2 | 77.9 |
| 2018 | 95.2 | 75.1 |
| 2019 | 95.8 | 74.0 |
| 2020 | 95.8 | 75.4 |
| 2021 | 95.6 | 72.9 |
| 2022 | 97.0 | 75.7 |
| 2023 | 97.5 | 75.3 |
| 2024 | 96.5 | 73.6 |
Utilities
- Texas
- New Mexico
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by state, 2024 (US = 100).
Show the numbers
| Texas | New Mexico | |
|---|---|---|
| 2008 | 101.4 | 82.6 |
| 2009 | 96.2 | 80.9 |
| 2010 | 98.1 | 90.5 |
| 2011 | 94.4 | 93.3 |
| 2012 | 93.1 | 94.2 |
| 2013 | 95.7 | 93.3 |
| 2014 | 94.9 | 98.1 |
| 2015 | 91.1 | 95.3 |
| 2016 | 91.9 | 92.1 |
| 2017 | 88.0 | 92.4 |
| 2018 | 87.5 | 82.0 |
| 2019 | 87.7 | 80.8 |
| 2020 | 85.0 | 83.9 |
| 2021 | 86.2 | 81.7 |
| 2022 | 88.7 | 83.4 |
| 2023 | 92.4 | 77.9 |
| 2024 | 87.5 | 77.9 |
Other services
- Texas
- New Mexico
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by state, 2024 (US = 100).
Show the numbers
| Texas | New Mexico | |
|---|---|---|
| 2008 | 100.0 | 99.8 |
| 2009 | 100.4 | 100.9 |
| 2010 | 100.3 | 99.4 |
| 2011 | 100.1 | 101.9 |
| 2012 | 100.4 | 100.4 |
| 2013 | 101.0 | 100.1 |
| 2014 | 101.1 | 100.3 |
| 2015 | 101.1 | 99.8 |
| 2016 | 99.0 | 98.0 |
| 2017 | 98.9 | 99.5 |
| 2018 | 99.8 | 95.5 |
| 2019 | 100.5 | 97.3 |
| 2020 | 101.3 | 95.7 |
| 2021 | 100.0 | 91.8 |
| 2022 | 98.2 | 92.4 |
| 2023 | 96.6 | 93.8 |
| 2024 | 97.1 | 98.5 |
What incomes buy in each state
Income per person after adjusting for prices: $51,121 in New Mexico, $58,219 in Texas
Real personal income per person, constant 2017 dollars (adjusted for each state's price level and for inflation).
- Texas
- New Mexico
- United States
Source: U.S. Bureau of Economic Analysis, real personal income by state (SARPI), 2008–2024.
Show the numbers
| Texas | New Mexico | United States | |
|---|---|---|---|
| 2008 | $46,068 | $39,595 | $45,816 |
| 2009 | $43,349 | $38,606 | $44,204 |
| 2010 | $44,078 | $39,400 | $44,808 |
| 2011 | $46,663 | $38,980 | $45,957 |
| 2012 | $47,554 | $39,192 | $46,796 |
| 2013 | $47,301 | $38,127 | $46,358 |
| 2014 | $48,959 | $39,825 | $47,661 |
| 2015 | $48,983 | $40,741 | $49,396 |
| 2016 | $47,686 | $41,530 | $49,828 |
| 2017 | $49,918 | $41,044 | $51,006 |
| 2018 | $51,551 | $43,899 | $52,242 |
| 2019 | $52,343 | $45,000 | $53,683 |
| 2020 | $53,181 | $48,584 | $56,514 |
| 2021 | $56,442 | $52,110 | $59,365 |
| 2022 | $56,452 | $50,375 | $57,104 |
| 2023 | $57,708 | $50,620 | $58,088 |
| 2024 | $58,219 | $51,121 | $59,195 |
More
- Cost of living in Texas
- Cost of living in New Mexico
- Reverse: moving from New Mexico to Texas
- All states ranked
Related state comparisons
What this comparison leaves out
- Taxes. State income, sales and property taxes differ a lot between states and are not included.
- Where you live inside the state. Statewide figures average cities and rural areas; the metro lists above show the spread.
- Your own spending mix. The default uses an average household. Use the housing slider if housing is a bigger share of your budget.
- Timing. BEA price levels and incomes are for 2024; gas prices are weekly.