Understanding the Santa Fe Cost of Living in 2025
Santa Fe, New Mexico, renowned for its rich cultural heritage and picturesque landscapes, continues to attract residents seeking a unique blend of history and modernity. However, understanding the Santa Fe cost of living is crucial for those considering a move or evaluating their current expenses.
Housing Costs
- Rent: The median rent for a one-bedroom apartment in Santa Fe is approximately $1,303, while two-bedroom units average around $1,632 per month.
- Home Prices: The median home price stands at $470,000, reflecting the city’s competitive real estate market.
Utilities and Internet
- Utilities: Monthly utility bills, including electricity, heating, cooling, water, and garbage, range between $130 and $360, depending on the size of the residence and usage.
- Internet: High-speed internet services average around $67 per month.
Food and Dining
- Groceries: Monthly grocery expenses for an individual typically fall between $200 and $250.
- Dining Out: A meal at an inexpensive restaurant averages $18, while a three-course meal for two at a mid-range restaurant can cost between $60 and $120.
Transportation
- Public Transit: A one-way ticket on local transportation costs about $2.
- Gasoline: The average price per gallon of gasoline is approximately $3.10.
- Car Insurance: Monthly car insurance premiums range from $100 to $150, depending on coverage and provider.
Healthcare
- Doctor Visits: A routine doctor’s appointment without insurance typically costs between $120 and $150.
- Prescription Medications: Costs vary, but specialist visits and prescriptions can push expenses up to $260.
Income and Employment
- Median Household Income: The median household income in Santa Fe is approximately $67,66.
- Unemployment Rate: As of the latest data, the unemployment rate stands at 3.4%, slightly below the national average.
FAQ
1. Is Santa Fe more expensive than other cities in New Mexico?
Yes, Santa Fe’s cost of living is approximately 27% higher than the state average, making it one of the more expensive cities in New Mexico.
2. What is the living wage in Santa Fe?
As of March 1, 2025, the living wage in Santa Fe is set at $15.00 per hour, reflecting a 2.76% increase based on the Consumer Price Index.
3. How does Santa Fe’s cost of living compare to the national average?
Santa Fe’s cost of living is about 14% higher than the national average, with housing being a significant contributing factor.
4. Are utilities in Santa Fe affordable?
Utility costs in Santa Fe are generally lower than the national average, with monthly bills ranging from $130 to $360, depending on usage.
5. What are the primary industries for employment in Santa Fe?
Key employment sectors in Santa Fe include tourism, arts, retail, healthcare, and education.
Understanding the Santa Fe cost of living is essential for making informed decisions about relocating or budgeting in this vibrant city. While certain expenses like housing are higher than average, other costs such as utilities and healthcare remain relatively affordable. Balancing these factors can help residents enjoy all that Santa Fe has to offer.
