Average Cost of Living in Albuquerque, New Mexico

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When it comes to the United States, many cities are known for having a higher cost of living than others. Albuquerque is the largest city in New Mexico and became a populated area because of Route 66. Cities along the Route 66 line received the biggest boom, as they had the most access to other towns and areas along the way.

While many think of Breaking Bad when they think of Albuquerque, there is so much more to the city! The state has more PhDs per capita than any other state. Albuquerque is known for its unique local cuisine that blends Native American and Mexican flavors into dishes. Albuquerque is also known for being one of the nation’s oldest inland communities and has an elevation of 5,326 feet, making it the highest metropolitan city in the United States! The city is also known to be the Hot Air Balloon Capital of the World. 

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What is the Average Salary in Albuquerque, New Mexico? 

As of Jan 1, 2020, the minimum wage is $9.35, and if the employee provides healthcare or benefits it is $8.35. If an employee receives tips, it is $5.60. In Albuquerque, the average salary is $64,351. This amount is up, as the average salary in Albuquerque in 2018 was $48,041. Neighboring states like Arizona have an average salary of $30,216 in comparison. The most affluent careers in Albuquerque are Mechanical Engineer, Public School teacher, Operations Manager, and those within the Medical field. 

What is the Cost of Living in Albuquerque, New Mexico? 

The cost-of-living within a city is calculated by comparing many variables such as housing prices, utility costs, and transportation costs. The cost of living in Albuquerque reports to be 5% lower than the national average. 

If we compare Albuquerque to other top cities in the United States in the cost-of-living index, we can see:

  • Chicago, Illinois is 29% higher 
  • Phoenix, Arizona is 12% higher 
  • Dallas, Texas reports being 7% higher 
  • Anchorage, Alaska is 1% lower 
  • Miami, Florida is 20% higher 
  • San Francisco, California is 20% higher  
  • New York, New York is 140% higher 
  • Santa Fe, New Mexico is 23% lower 

Cost of Housing in Albuquerque

With most cities, the closer you live to downtown or metro area, the pricier the cost of living will be. This includes real estate, childcare, and home price. 

In Albuquerque, the average cost of rent is $972, which is a 6% increase than the previous year. This is usually for one bedroom to three-bedroom apartments. For home prices, the median listing prices for homes in Albuquerque is $255,000. The last ten years, home appreciation has gone up 3.3%! And so, in comparison to other cities, Albuquerque has a considerably low cost of living for monthly costs and monthly rent.

Cost of Transportation in Albuquerque

In the city of Albuquerque, the majority of workers drive themselves to work each day. Over 90% of workers do so, which is well above the national average. 

Reportedly, the average commute time is 24 minutes, which is less than the national average. In cities like Chicago, the average commute is over 60 minutes. Currently, the average price for a gallon of gas in Albuquerque, New Mexico is $2.28. A monthly transportation ticket in the city is around $39, but the cities use of public transportation is below the national average. 

The minority of the population that do not commute with their vehicle or public transport, will bike or walk to and from work.

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Cost of Utilities in Albuquerque 

On average, citizens in Albuquerque pay $140 a month for basic utilities. These include water, garbage, electric, and heating, as well as electricity. This number will change depending on household size and use, however. 

Attractions in Albuquerque

This city is rich in culture, food, and things to do! Here are some of the top things to do in Albuquerque to experience the city:

  • Sandia Peak Tramway
  • The Botanic Garden Bio-Park
  • Petroglyph National Monument
  • La Luz Trail Hiking
  • Old Town
  • Indian Pueblo Center
  • Route 66 Casino Hotel
  • Downtown Ghost Walk 
  • Bosque Chile Festival
  • International Balloon Fiesta
  • Sandia Mountains

How Can Max Cash Title Loans Help Me with Cost of Living?

If you are relocating to the area or you are struggling with your cost of living, Max Cash Title Loans can help. A title loan can be the perfect fix to help cover your bills as you adjust to a new city! We can connect you to a network of thousands of verified title loan lenders, which takes away the hassle of searching for the right loan for your financial situation.5

Our three-step process is easy, and hassle free:

  1. Fill out a short inquiry form online, over the phone, or in one of our participating stores.
  2. Submit the right documents to a loan agent! These documents will help verify your eligibility and can be submitted through your email for your convenience.
  3. If you are approved for your loan, the last step is to collect your funds via direct deposit, in store through MoneyGram, or through a check in the mail!1 2

If you are moving to Albuquerque, or are a current resident, and need extra funds, let us take care of that!Apply for an online title loan, with the help of Max Cash Title Loans today, by going to our website or giving us a call at 855-561-5626.