Cost of Living in Ruidoso Downs, New Mexico
Ruidoso Downs is a city in Lincoln County, New Mexico, with a population of 2,597. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Ruidoso Downs is $33,811 a year — greater than 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 Ruidoso Downs and over 29,000 other cities and towns in the US.
Housing Costs in Ruidoso Downs, New Mexico
Housing is one of the largest components of cost of living. In Ruidoso Downs, the median home value is $124,800, less than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Ruidoso Downs, some 61.80% of occupied homes are rented, greater than the 36.2% national renter rate. The typical renter in Ruidoso Downs spends $525 a month on housing, greater than the $1,023 national median monthly rent.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Ruidoso Downs, the median household income is $20,863, 6.0 times the median home value.
Transportation Costs in Ruidoso Downs, New Mexico
Transportation can also be a significant component of cost of living. In Ruidoso Downs, 89.00% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 84.10% of workers commute to jobs outside of Ruidoso Downs, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Ruidoso Downs is 15.6 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 Ruidoso Downs spends $11,025 a year on transportation, more than the national average of $9,760.
Health Care Costs in Ruidoso Downs, 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 Ruidoso Downs 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 Ruidoso Downs, New Mexico
For families with children, child care adds thousands of dollars to overall annual spending. In Ruidoso Downs, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $14,176, about $300 more 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 Ruidoso Downs, New Mexico
In Ruidoso Downs, a single adult spends an average of $3,027 on food annually, and a family of four spends $8,743 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 Ruidoso Downs, 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 Ruidoso Downs, New Mexico pays $5,484 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, Ruidoso Downs 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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