Looking for affordable living in the Land of Enchantment? Look no further. New Mexico has a ton of cities where you can stretch your budget further.
Below, we take a closer look at five of the cheapest places to live in New Mexico, along with a few of the largest employers and most affordable attractions in the area so you can hit the ground running when you find your new home.
1. Roswell
Average rent: $693
Roswell tops our list as one of the cheapest places to live in New Mexico, with an average rent of just $693. The cost of living here is impressively low, making it an attractive option for renters. One-bedroom apartments average $674, while two-bedroom units are about $712.
Roswell is home to some noteworthy employers, including the Roswell Independent School District and Eastern New Mexico Medical Center. For a truly Roswell experience, be sure to check out the International UFO Museum and Research Center, which has a modest entry fee. Another great stop is the Spring River Park and Zoo or Bottomless Lakes State Park.
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2. Farmington
Average rent: $899
Farmington is another affordable gem in New Mexico, with an average rent of $899. Here, you can find one-bedroom apartments for around $815 and two-bedroom units for $983.
In Farmington, major employers include the San Juan Regional Medical Center and Farmington Municipal Schools. For budget-friendly fun, explore the nearby Aztec Ruins National Monument, which offers free admission. We also recommend taking a stroll along the Animas River Walk for a scenic and free outdoor experience.
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3. Las Cruces
Average rent: $915
Las Cruces offers a mix of affordability and amenities, with an average rent of $915. Studio apartments are about $677, while one-bedroom units are $892 and two-bedroom apartments average $1,177.
One of the largest employers in Las Cruces is New Mexico State University, which provides a solid selection of jobs and solidifies Las Cruces status as an elite New Mexico college town. If you’re in town looking for an apartment, consider a visit to the New Mexico Farm and Ranch Heritage Museum, which has a low admission fee. Dripping Springs Natural Area offers beautiful hiking trails with a small entrance fee. Downtown Las Cruces Farmers and Crafts Market is a great place to enjoy local products and live entertainment for free.
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4. Hobbs
Average rent: $1,243
The average rent in Hobbs is $1,243. One-bedroom apartments average $1,010, and two-bedroom units are about $1,475. The cost of living in Hobbs is relatively low, making it an attractive option for budget-conscious renters.
In Hobbs, a couple of the larger employers are Hobbs Municipal Schools and the Lea Regional Medical Center. The Western Heritage Museum and Lea County Cowboy Hall of Fame, which offers engaging exhibits with low-cost admission, provides an authentic Hobbs experience. Green Meadow Lake is a serene setting for fishing and picnicking without breaking the bank. The Hobbs Community Playhouse also offers affordable live performances to scratch that culture itch.
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5. Albuquerque
Average rent: $1,268
Albuquerque is a beautiful and affordable place to call home. The average rent here is $1,268, with studio apartments in Albuquerque costing around $896, one-bedroom units $1,220, and two-bedroom units $1,688. Albuquerque’s affordability extends beyond rent, with reasonable costs for dining and transportation.
Key employers in Albuquerque include Sandia National Laboratories and the University of New Mexico. The Albuquerque Museum, which offers free admission on the first Wednesday of each month, is a great option for family-friendly affordable fun. The Albuquerque Biological Park’s four facilities, including the zoo and aquarium, is always a safe bet for an affordable day out. The ABQ BioPark Botanic Garden is especially popular for its low entry fee and beautiful landscapes.
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Methodology
All cities must have over 40,000 residents per the US Census and have an average rent price under or within $50 the median rent price for the state – which is $1,246 per month according to Redfin data. Average rental data from Rent.com July 2024.
