Minnesota vs New Mexico Cost of Living
Purchasing power
Your $75,000 is worth different amounts in each state
$80,128
in Minnesota
$80,043
in New Mexico
Each cell = 1% of purchasing power. Green = value, red = gap.
Spending breakdown
Estimated annual spending on a $75,000 salary
What things actually cost
Real dollar costs side by side
Category breakdown
| Category | Minnesota | New Mexico | Difference |
|---|---|---|---|
| Housing | 80.6 | 88.6 | -9% |
| Groceries | 100.6 | 97.0 | +4% |
| Utilities | 95.0 | 83.8 | +13% |
| Transportation | 96.2 | 93.6 | +3% |
| Healthcare | 102.4 | 108.3 | -5% |
| Dining & Misc | 99.8 | 97.2 | +3% |
| Overall | 93.6 | 93.7 | 0% |
Index values relative to national average (100). Positive difference = more expensive in Minnesota.
What things actually cost
| Item | Minnesota | New Mexico | Difference |
|---|---|---|---|
| Median home price | $330,000 | $290,000 | +$40,000 |
| Average 2BR rent | $1,128/mo | $1,240/mo | $112 |
| Gas price | $3.26/gal | $3.42/gal | $0.16 |
| Electric bill | $109/mo | $81/mo | +$28 |
| Infant childcare | $22,569/yr | $14,244/yr | +$8,325 |
Salary equivalent: Minnesota → New Mexico
What a Minnesota salary buys you in New Mexico, adjusted for cost of living.
| Salary in Minnesota | Equivalent in New Mexico | Difference |
|---|---|---|
| $50,000 | $50,053 | $-53 |
| $75,000 | $75,080 | $-80 |
| $100,000 | $100,107 | $-107 |
| $150,000 | $150,160 | $-160 |
| $200,000 | $200,214 | $-214 |
Positive = your money goes further in New Mexico. Based on overall COL index ratio.
Based on MERIC/C2ER 2025 composite indices. Dollar amounts from AAA, EIA, Zillow, and Child Care Aware.
Overview
Minnesota and New Mexico have nearly identical costs of living, with overall indices of 93.6 and 93.7 (national average = 100).
FAQ
Is it cheaper to live in Minnesota or New Mexico?
Minnesota and New Mexico have roughly the same cost of living, with less than 1% difference in the MERIC/C2ER composite index.
Is Minnesota cheaper than New Mexico?
Minnesota and New Mexico cost roughly the same to live in.
Is New Mexico more expensive than Minnesota?
Minnesota and New Mexico have nearly identical costs of living — the difference is less than 1%.
What salary in New Mexico equals $100,000 in Minnesota?
To maintain the same purchasing power as a $100,000 salary in Minnesota, you would need approximately $100,107 in New Mexico. This is based on the overall cost-of-living index (93.6 vs 93.7).
How do housing costs compare between Minnesota and New Mexico?
Housing is significantly cheaper in New Mexico. Median home prices are $330,000 in Minnesota vs $290,000 in New Mexico — a $40,000 difference. Average 2-bedroom rent is $1,128/mo vs $1,240/mo.
What costs more in Minnesota vs New Mexico?
Utilities is 13% higher in Minnesota (index 95 vs 83.8). Housing is 9% lower in Minnesota (index 80.6 vs 88.6). Healthcare is 5% lower in Minnesota (index 102.4 vs 108.3).
Is gas cheaper in Minnesota or New Mexico?
Gas averages $3.26/gallon in Minnesota and $3.42/gallon in New Mexico — a $0.16 difference per gallon.
Minnesota vs New Mexico cost of living — how do they compare?
Minnesota has an overall cost-of-living index of 93.6 and New Mexico has 93.7 (national average = 100). They are nearly identical. Use the calculator above to see how this affects your specific salary.
How do taxes compare between Minnesota and New Mexico?
Cost of living is only part of the picture — state income taxes also affect your take-home pay. Minnesota has a progressive income tax with 4 brackets, topping out at 9.85% on income over $193,240. New Mexico uses a progressive income tax with 4 brackets and a top rate of 5.90% on income over $210,000. Use the Minnesota vs New Mexico paycheck comparison to see how a specific salary compares after federal and state taxes, FICA, and deductions.
Do I need to file state tax returns in Minnesota and New Mexico?
Minnesota requires residents to file a state income tax return annually, typically due April 15. New Mexico requires residents to file a state income tax return annually, typically due April 15. If you move between states mid-year, you typically file a part-year resident return in each state for the income earned while living there.
Where does this cost of living data come from?
Cost-of-living indices are from the MERIC/C2ER 2025 Annual Average. Dollar amounts use AAA gas prices (March 2025), EIA electricity rates (2024), Child Care Aware childcare costs (2024), Zillow home values (2024-2025), and BEA Regional Price Parities.
Related tools
- Minnesota Cost of Living — Housing, groceries, gas, and more
- New Mexico Cost of Living — Housing, groceries, gas, and more
- Minnesota vs New Mexico Paycheck Comparison — Compare take-home pay after taxes
- House Affordability in Minnesota — How much house can you afford?
- House Affordability in New Mexico — How much house can you afford?
- Minnesota Tax Brackets — See 2026 marginal rates
- New Mexico Tax Brackets — See 2026 marginal rates
- Minnesota Mortgage Calculator — Estimate monthly payments with local rates
- New Mexico Mortgage Calculator — Estimate monthly payments with local rates
- Minnesota Bonus Tax Calculator — See how bonuses are taxed differently
- New Mexico Bonus Tax Calculator — See how bonuses are taxed differently
- Gross-Up Calculator — Find the salary you need to hit a target take-home
- Salary to Hourly Converter — Convert annual salary to hourly rate
- Compare any two states
Based on MERIC/C2ER 2025 composite indices and publicly available price data. Cost of living varies significantly by metro area within a state. These are statewide averages.