Cost of Living in Faywood, New Mexico
Faywood is a Census-designated place in Grant County, New Mexico, with a population of 44. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Faywood is $33,126 a year — about the same as the annual cost of living for New Mexico of $32,228 yet less than the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Faywood and over 29,000 other cities and towns in the US.
Transportation Costs in Faywood, New Mexico
Transportation can also be a significant component of cost of living. In Faywood, 100.00% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 100.00% of workers commute to jobs outside of Faywood, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Faywood is N minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Faywood spends $10,479 a year on transportation, more than the national average of $9,760.
Health Care Costs in Faywood, New Mexico
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are far lower than they are on average nationwide in Faywood but above what they are across New Mexico as a whole.
For a single adult living in the area, average health care costs come out to $3,605 per year, compared to an average of $3,326 across New Mexico and $4,266 nationwide.
Child care Costs in Faywood, New Mexico
For families with children, child care adds thousands of dollars to overall annual spending. In Faywood, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $12,533, about $1,300 less than the comparable average of $13,857 across all of New Mexico. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Faywood, New Mexico
In Faywood, a single adult spends an average of $3,280 on food annually, and a family of four spends $9,471 on average. For context, average annual food expenditure across New Mexico and the U.S., respectively, are $3,082 and $3,240 for a single adult, and $8,902 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Faywood, New Mexico
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Faywood, New Mexico pays $5,328 annually — closely in line with the statewide average of $5,119.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Faywood residents live in a state with a low average tax burden. Per capita state tax collections in New Mexico total $2,707 per year, compared to the $3,151 average across all states.
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