Santa Teresa, NM

Yes — everyday expenses in Santa Teresa run about 14% below the US average (Cost Index: 86). Housing is especially affordable: the median home is valued around $216,600, compared to the $303,400 national median. Monthly rent is typically around $1,259, versus $1,348 nationally.

Start with housing. Typical monthly rent is $1,259, while local median household income is $60,759. That implies a rent-burden proxy of about 25% before utilities and other costs. For a specific job offer, filing status, or take-home pay scenario, use salary.city.

New Mexico has a progressive state income tax with a top rate of 5.9%. The effective property tax rate is 0.67%. On a home worth $216,600, that translates to roughly $1,451 per year in property taxes. Sales tax (state + local) averages around 7.6% on everyday purchases.

The typical monthly rent in Santa Teresa is around $1,259. That's close to the $1,348 national median. For comparison, the median home value here is $216,600, so buyers should also factor in mortgage payments, property taxes, and insurance.

The median home in Santa Teresa is valued at $216,600. With 20% down and a 6.5% mortgage rate, you'd be looking at roughly $1,095/month for principal and interest alone — before property taxes and insurance. About 69% of residents here own their homes.

Grocery prices in Santa Teresa are about average compared to the rest of the US (index: 96, where 100 is the national average). Utility bills (electricity, gas, water) are below average (index: 78). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.

Santa Teresa is a small town with a population of about 5,973. The median age of residents is 33.2, which is close to the national median. The local poverty rate is 28.86%, above the national average of 12.4%.