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Cost of Living in Albuquerque, NM 2023

November 30, 2022
Are you interested in moving to Duke City? Find out more about the cost of living in Albuquerque, from housing, food, transportation, and more!

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.

Albuquerque Housing Costs

Average rent prices tend to drop in the winter when people aren’t looking for places. Not surprisingly, Albuquerque has also seen a decline over the past month. According to the latest Rent Report on Albuquerque, the median rent index is $1,080 for a one-bedroom apartment and $1,339 for a two-bedroom.

Albuquerque has seen a big rental spike, with the city’s average rent prices increased by 8.7% year-over-year. The city's year-over-year rent growth lies just above both the state average of 8.5% and has outpaced the national average of 4.6%.

Comparable cities across the country have seen significant rent price increases over the last year. Some of the most popular large cities include New York, Phoenix, and Miami. The median rent index for a two-bedroom apartment in these cities is $2,118, $1,459 and $2,152, respectively. Known for its low cost of living, Albuquerque falls well below these large cities in terms of median rent prices.

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.

Albuquerque Transportation

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.

If you're a single adult without children, you'll spend about $4,938 for transportation in Albuquerque annually. However, a family of four with two working adults and two children will pay $13,456 for transportation annually. Gasoline prices are around $3.74 per gallon, significantly lower than the national average of $4.24.

Albuquerque Food Costs

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.

If you're a single adult without children, you can expect to pay at least $3,999 on food per year. However, a family of four with two working adults and two children should expect to pay $11,764.

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.

Albuquerque Healthcare Costs

When planning your budget in Albuquerque, you must account for proper medical care. A single adult without children will pay around $2,614 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 $7,800 per year.

Albuquerque Utilities

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 $123.80 for a 915-sq. ft. apartment.

Adding on the Internet with 60 Mbps or more with unlimited data, cable/ADSL will cost you an extra $70.83 for a total of $194.63 each month.

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.

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.

What Salary Do I Need to Live in Albuquerque?

The type of lifestyle you plan to lead in Albuquerque will greatly impact your recommended salary. The living wage in Albuquerque is $15.67 per hour, which is the basic wage needed to pay for essentials like housing, food, and necessities. Extra costs like dining and entertainment are not a part of the living wage, so be sure to keep that in mind when calculating your budget.

The average income in Albuquerque is $53,936 per year, roughly $27.87 per hour.

When trying to determine your preferred salary in Albuquerque, you can also consider the 30% rule for rent. You should not be spending more than one-third, or 30%, of your gross income on rent if you plan to follow this rule.

According to the 30% rule, if your rent is close to the median for a one-bedroom apartment in Albuquerque at $1,081, your monthly wages should be at least $3,603 per month, or an annual salary of $43,240. This recommended salary is for a fundamental lifestyle while in Albuquerque.

Remember that the living wage, average salary, and recommended salary are three very different things. 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.

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.

Final Thoughts

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.

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Emily Kho
EMILY KHO
Emily is a professionally trained writer who covers a wide range of topics associated with the rental market and real estate industry. With over a decade of professional writing experience, Emily comes from a strong background in the field backed with a Bachelor of Science from the world-renowned William F. Read More
Tristian Brown
SENIOR CONTENT ASSOCIATE
Tristian Brown is a Senior Content Marketing Associate at Apartment List, where he manages high-quality content that helps modern renters find the perfect home. He brings an immense wealth of knowledge to the team, having earned a Bachelor of Arts in Marketing and European Management from the University of San Diego and EM Strasbourg Business School. Read More

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