Cost of Living in Albuquerque, NM [2024]

One of the greatest perks of living in Albuquerque is nearly the endless amount of sunshine you’ll enjoy year-round. On average, the city sees approximately 310 days of sunshine each year. Despite all of the sunny days, this Southwest city still provides four distinct seasons to its residents.

While known for its International Balloon Fiesta, Albuquerque offers so much more beyond picturesque hot air balloons floating off into sunrise amongst the incredible desert landscape. Both naturally beautiful and culturally rich, the Albuquerque metropolitan boasts both an artistic atmosphere and a favorable economy.

Whether you’re looking to move to Albuquerque to take advantage of the relatively low cost of living, the unbeatable weather, or a combination of both, you need an idea of what your costs will look like. Let’s look at the cost of living in Albuquerque to understand how much you need to live there.

Cost of Living in Albuquerque

What Is The Cost of Living in Albuquerque?

The cost of living in Albuquerque is 4% less than the average U.S. city, with residents spending around $4,324 a month to live there. Let's look at how those costs break down by category.

How Much Is Rent in Albuquerque?

As of August 2024, overall median rent in Albquerque is $1,226 a month. The median rate for one-bedroom apartments is $1,006, while two-bedrooms run closer to $1,290.

How Much Is Housing in Albuquerque?

Similarly, the Albuquerque housing market has seen steady, significant growth, with median home prices currently at $330,000. Compared to competing large cities like New York, with its median price index of $755,000, these prices are remarkable. Other large cities are similar, including Phoenix at $460,000, and Raleigh at $445,000.

What Salary Do I Need to Live in Albuquerque?

Our research shows that residents in Albuquerque spend $4,324 a month (or $51,888 a year) to live there. However, when trying to determine what's necessary to live in Albuquerque, you can use the 30% rule for rent. According to the 30% rule, if your rent is close to the median for a one-bedroom apartment in Albuquerque at $1,006, your monthly wages should be around $3,600 per month, or just over $43,000 per year. This will allow you to cover your bills and save some money as well as have spending for entertainment.

Additional living costs, including dining, entertainment, etc can range, but you’ll need to anticipate needs regardless. As you start budgeting you might quickly find that you’ll need to search for a less expensive apartment, a higher salary, or in a perfect world, both.

Thankfully, the typical annual salaries for common professions in Albuquerque are highly competitive. The three highest typical annual salaries belong to Architecture and Engineering, Management, and Computer and Mathematical positions, respectively.

How Much Are Utilities in Albuquerque?

Despite the nearly year-round sun, winters in Albuquerque are cold and snowy, albeit short. The coldest days of the year fall in December with an average overnight temperature of 29°, while summers are hot and dry. July is the hottest month with an average daytime high of 92°.

To combat the cold winters and hot summers, you'll need to account for higher utility costs. Albuquerque’s basic utilities include electricity, heating, cooling, water, and garbage, running $363.54 for a 915-sq. ft. apartment. That's much higher than the national average of $253.14.

Before making your move to Albuquerque, it’s a good idea to determine how much utilities will cost in an apartment so you can budget accordingly.

How Much Is Transportation in Albuquerque?

If you're a single adult without children, and you drive your own car, you'll spend about $9,325 for transportation in Albuquerque annually. However, a family of four with two working adults and two children will pay $15,641 for transportation annually.

Albuquerque’s main official public transportation operator is ABQ RIDE. Operating throughout the city, ABQ RIDE makes it easy and affordable to travel from one neighborhood to the next. The New Mexico Rail Runner Express is another public transportation option that services Albuquerque to Santa Fe, stopping throughout the metropolitan area of Albuquerque.

If you are able to live and work within the city, you may be able to rely on public transportation. But, for those who have unique schedules or a longer commute, the public transportation in Albuquerque may not be the most dependable. In these instances, you will most likely need to account for having a vehicle of your own.

How Much Are Food Costs in Albuquerque?

To cover the costs of eating at home, MIT estimates that if you're a single adult without children, you can expect to pay at least $4,079 on food per year. However, a family of four with two working adults and two children should expect to pay $11,988.

While Albuquerque offers countless must-eat dining options, it is best known for its unique local cuisine, blending Spanish and Native American flavors. Absolute must-haves while living in Albuquerque include chiles rellenos, huevos rancheros, carne adobada, tamales, and enchiladas.

Eating at an inexpensive restaurant in Albuquerque costs an average of $15 for a meal, while a three-course dinner for two people at a mid-range restaurant costs $65.00 without alcohol or dessert.

You can anticipate paying below the national average for food items from local grocery stores like Trader Joe’s, Sprouts Farmers Market, or Silver Street Market. For example, one gallon of regular milk costs $3.74 in the grocery store, while the national average is $3.83.

How Much Are Healthcare Costs in Albuquerque?

When planning your budget in Albuquerque, you must account for proper medical care. According to MIT, a single adult without children will pay around $2,723 for medical care over the year. Two working adults with two children should expect to pay $8,750. Childcare for this family will cost an additional $7,197 per year.

Albuquerque Fitness and Entertainment

With four different seasons with varying temperature changes in Albuquerque, you’ll want to consider fitness club membership costs to keep fit throughout the year. The monthly fee for a fitness club membership for one adult is $32.50.

Otherwise, when weather permits, you can enjoy the beautiful Albuquerque landscape. Some favorite outdoor activities include hiking, walking, and rock climbing. If you’re looking to get outside and enjoy the sunny weather you should be sure to check out the ABQ BioPark Zoo, La Luz Hiking Trails, the Albuquerque Biological Park, and Tingley Beach.

There is plenty of indoor entertainment throughout the city as well. For example, if you enjoy the local cinema, it will cost you $12.50 without snacks or drinks. You can also check out some other great spots like the Indian Pueblo Cultural Center, the National Museum of Nuclear Science & History, and the Explora Science Center and Children’s Museum, just remember they will come at a cost.

Other Expenses to Consider in Albuquerque

New Mexico has a progressive income tax rate, but thankfully it ranks within the 20 lowest in the United States. The state also has a sales tax rate of 5.13% combined with the Albuquerque salex rate of 2.75% making the total sales tax rate for the city 7.88%.

Aside from taxes, anyone moving out of state to Albuquerque will need to consider costs associated with cross-country movers, storage, hotels, and transportation. Accompanying these moves, you’ll often find other expenses, including application fees, security deposits, pet deposits, and other add-ons.

Furnishing your new apartment is another often overlooked expense. You can check out some tips and tricks on decorating your apartment on a budget to help you save a few bucks during your big move.

Job Market in Albuquerque

Although Albuquerque offers a relatively low cost of living, the job market is less healthy than other similarly sized metropolitan areas. The unemployment rate in Albuquerque is slightly higher than the national average of 3.7%, currently at 4%. Unfortunately, the income rate is also lower than the national average of $64,994, currently at $53,936 per year.

State and federal government employers are the two major job sources in Albuquerque. Aside from Sandia National Laboratories and Kirtland Air Force Base, other primary employers in the city include Intel Corporation and the University of New Mexico.

The film and television industry has also been on the rise in more recent years. The diverse urban locations, as well as scenic landscapes of Albuquerque, make it a great option for this field.

Making the Move to Albuquerque?

If you are interested in moving to Albuquerque, a city boasting over 300 days of sunshine per year, you’ll need to find which Albuquerque neighborhood is best for you and learn how to apartment hunt. Then, register with Apartment List today and start checking out the hundreds of available apartments to rent in Albuquerque!

FAQs: Cost of Living in Albuquerque in 2023:

How expensive is an apartment in Albuquerque?

A one-bedroom apartment in Albuquerque costs $1,080 and a two-bedroom apartment in Albuquerque costs $1,339.

What is the cheapest rent in Albuquerque?

The cheapest rent in Albuquerque is a one-bedroom apartment, with an average rent of $1,080.

How expensive is it to live in Albuquerque?

In Albuquerque, rent averages $1,080 per month for a one-bedroom apartment. Monthly food costs run $333.25 per month for an individual or $980.33 for a family of four. An inexpensive meal in Albuquerque costs $15. A three-course meal for two people in Albuquerque costs $65.

How far is Albuquerque from Santa Fe?

The distance between Albuquerque to Santa Fe is 64.1 miles and takes about an hour to drive.

How far is Albuquerque from El Paso?

The distance between Albuquerque to El Paso is 262.2 miles and takes about an hour to drive. It takes 40 minutes to fly from Albuquerque to El Paso.

What is the population of Albuquerque?

According to the U.S. Census Bureau, there are 562,599 people living in Albuquerque.

What is a good salary in Albuquerque?

To comfortably live in a one-bedroom apartment in Albuquerque, you should earn at least $43,200 a year. The median income in Albuquerque is $53,936, which provides a comfortable lifestyle.