Cost of Living in Santa Fe, NM 2023

Santa Fe, otherwise known as the “Land of Enchantment,” is one of the best small cities in the country. The population of Santa Fe is currently 87,505. It is the fourth-largest city in the state of New Mexico.

The great food, scenery, sunshine, and unbeatable sunsets are just a few reasons folks pack up and move here. Known for its natural beauty, making it great for promoting tourism, Santa Fe offers its residents a more tranquil pace of life. Despite the more small-town feel of Santa Fe, the city still has access to countless entertainment options, from museums to shopping plazas and more.

Whether you’re looking to move to Santa Fe to take advantage of the relatively low cost of living, access to the great outdoors, or some combination of the two, you need an idea of your costs.

Let’s look at the cost of living in Santa Fe to understand better how much you need to live there.

Santa Fe Housing Costs

The winter months bring cold weather and a drop in rental prices no matter where you are in the country. As things warm up in the summer months, rent prices increase.

Not surprisingly, Santa Fe has also begun to see increases in rent prices, which are still well above what they were last year. According to the latest Rent Report on Santa Fe, the median rent index is $1,218 for a one-bedroom apartment and $1,446 for a two-bedroom.

Other major cities across New Mexico have also seen significant growth in rent prices over the last year. For example, Albuquerque's median rent for a one-bedroom apartment is $1,059 and a two-bedroom rents for $1,313.

Similarly, the Santa Fe housing market has seen steady, significant growth, with median home prices currently at $470,000. However, compared to competing areas like Albuquerque with a median home price of $257,400, Santa Fe's are higher.

Santa Fe Transportation

Santa Fe’s official public transportation operator is the Santa Fe Trails Bus Service. The bus is highly reliable, offering ten routes throughout the city. The schedule and map can be viewed online. The Santa Fe Trails Bus Rates are $1 for a one-way fare, $2 for a day pass, $5 for a three-day pass, and $7 for a five-day pass.

Still, you might opt for a vehicle of your own to take advantage of all Santa Fe offers. If you're a single adult without children, you'll spend about $5,316 for transportation in Santa Fe every year. A family of four, including two working adults and two children, will pay $14,058 for transportation annually.

You’ll also want to take into account gasoline prices. In Santa Fe, you can expect to pay around $3.16 per gallon, significantly lower than the national average of $3.87.

Santa Fe Food Costs

Santa Fe offers countless dining options, with a handful of authentic Native American foods, like sopaipillas. Other local foods include breakfast burritos, Frito pies, and green chile burgers.

Eating at an inexpensive restaurant in Santa Fe costs an average of $20 for a meal, while a three-course dinner for two people at a mid-range restaurant will run $85 without alcohol or dessert.

If you're a single adult without children, you can expect to pay at least $4,686 on food per year. However, a family of four with two working adults and two children should expect to pay $13,802 per year for food.

You can anticipate paying below the national average for food items from local grocery stores like Allsups, Kaune’s Neighborhood Market, or Albertsons Market. For example, one gallon of regular milk costs $3.71 in the grocery store, with the national average being $4.21.

Santa Fe Healthcare Costs

When planning your budget in Santa Fe, it’s essential to account for proper medical care. A single adult without children will pay around $3,282 for medical care over the year, while two working adults with two children should expect to pay $1,890 per month per child.

Childcare for a two-child family will cost an additional $12,582 per year.

Santa Fe Utilities

Santa Fe’s altitude is nearly 7,000 ft., which keeps temperatures relatively moderate. That being said, you’ll still experience four distinct seasons when living here. Summers are hot, filled with dramatic thunderstorms. Winters are cold and bring with them the occasional snowstorm.

To combat the cold winters and muggy summers, you'll need to account for higher utilities year-round. Santa Fe’s basic utilities include electricity, heating, cooling, water, and garbage, running $228 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 $67.86 for a total of $295.86 each month.

Before you move, determine how much utilities will cost in an apartment to better understand what to expect and how to budget accordingly.

Santa Fe Fitness and Entertainment

With Santa Fe’s drastic climate change throughout the year, you might want to consider fitness club membership costs to keep fit. The monthly fee for a fitness club membership for one adult is $73.33.

Otherwise, you can enjoy the beautiful Santa Fe landscape when the weather permits. Some favorite outdoor activities include hitting the San Antonio Hot Springs, paddling out at Lake Abiquiu or Lake Katherine, and hiking Dale Ball Trails or Ski Basin.

There is plenty of indoor entertainment throughout the city. For example, if you enjoy the local cinema, it will cost you $12.00 without snacks or drinks. Or, you can save some cash and check out the Museum of Indian Arts and Culture, the Georgia O’Keeffe Museum, or the International Folk Art Museum.

Other Expenses to Consider in Santa Fe

New Mexico has a progressive tax rate that ranks among the lowest 20 in the U.S. Rather than residents paying a sales tax. They are responsible for paying a gross receipts tax often passed down by businesses.

Anyone moving out of state to Santa Fe will also need to consider costs associated with cross-country movers, storage, hotels, and transportation. Often accompanying these moves include apartment application fees, security deposits, pet deposits, and other add-ons.

Lastly, you can’t forget about furnishing your new home. You can check out some tips and tricks on decorating your apartment on a budget to help you save some cash during your big move.

Recommended Salary in Santa Fe

Your recommended salary in Santa Fe depends entirely on the type of lifestyle you plan to lead. The living wage in Santa Fe is $17.25 per hour, which is the basic wage needed to pay for essentials like housing, food, and necessities. Keep in mind when calculating your budget that extra costs like dining and entertainment are not a part of the living wage.

The average salary index in Santa Fe is $60,000 per year, roughly $20.01 per hour or $62,000 per year. However, according to the U.S. Census Bureau, the median household income in Santa Fe is $61,990.

To determine what salary you should be searching for in Santa Fe, consider the 30% rule for rent. If you plan to follow this rule, you should not be spending more than one-third, or 30%, of your gross income on rent.

According to the 30% rule, if your rent for a one-bedroom apartment in Santa Fe is $1,218, your monthly wages should be at least $4,060 a month, which is a $48,720 salary. This recommended salary is for a fundamental lifestyle while in Santa Fe.

Remember that the living wage, average salary, and recommended salary for any city, including Santa Fe, are three very different things. You’ll need to anticipate needs regarding additional living costs, including dining, entertainment, etc. You might find that you’ll need to search for a higher salary, a less expensive apartment, or both in a perfect world.

Thankfully, the typical annual salaries for common professions in Santa Fe are highly competitive. For example, the three highest typical annual salaries belong to Management, Legal, and Healthcare Practitioners & Technical positions, respectively. Currently, the unemployment rate is 3.5%, which is slightly lower than the national rate of 3.6%

Final Thoughts

If you are interested in moving to Santa Fe, a melting pot of cultural influences and rich history, you’ll need to find which Santa Fe neighborhood is best for you and learn how to apartment hunt. Then, register with Apartment List today and start checking out the available apartments to rent in Santa Fe!

FAQs: Cost of Living in New Mexico

How expensive is an apartment in Santa Fe?

A one-bedroom apartment in Santa Fe costs $1,218. A two-bedroom apartment in Santa Fe costs $1,446.

What is the cheapest rent in Santa Fe?

The cheapest rent in Santa Fe is a one-bedroom apartment for $1,218 per month.

How expensive is it to live in Santa Fe?

Living in Santa Fe is relatively costly compared to other popular New Mexico cities. In Santa Fe, rent averages $1,218 for a one-bedroom apartment. Transportation costs in Santa Fe amount to $5,316 a year. Food costs $4,686 a year on average for a single resident of Santa Fe.

What is the population of Santa Fe?

According to the U.S. Census Bureau, the population of Santa Fe is 88,193. It is the fourth-largest city in the state of New Mexico.

What is a good salary in Santa Fe?

According to the U.S. Census Bureau, the median household income in Santa Fe is $61,990. However, the recommended salary in Santa Fe is $4,060 per month or about $48,720 annually. This total reflects a salary that would allow a renter to live comfortably and afford to cover the median rent for a one-bedroom apartment which sits at $1,218.