Is it cheaper to live in Billings or Santa Fe?

Billings, MT is cheaper. Its monthly baseline of $1,030 (1BR rent + utilities) runs about 21% below Santa Fe, NM's $1,310, mainly because of rent.

How much more do you need to earn to live in Billings than in Santa Fe?

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $36,000 a year in Billings versus $47,000 in Santa Fe.

Which has lower taxes, Billings or Santa Fe?

Billings is taxed under Montana's rules (a top state income tax rate of 5.65% and no state sales tax); Santa Fe under New Mexico's (a top state income tax rate of 5.90% and a 4.875% state sales tax).

Billings vs Santa Fe Cost of Living 2026

Billings

Montana

$1,030/mo est.

Santa Fe

New Mexico

$1,310/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,030 in Billings, MT versus $1,310 in Santa Fe, NM. Overall, Billings, MT is roughly 21% cheaper to live in day-to-day than Santa Fe, NM, driven mainly by rent.

Median household income is $71,855 in Billings, MT and $70,110 in Santa Fe, NM — about 2% higher in Billings, MT. Montana has a top state income tax rate of 5.65% and no state sales tax; New Mexico has a top state income tax rate of 5.90% and a 4.875% state sales tax.

Billings, MT

Santa Fe, NM

Rent

Studio

$877

$969

+10% in Santa Fe, NM

1 Bedroom

$889

$1,167

+31% in Santa Fe, NM

2 Bedroom

$1,102

$1,559

+41% in Santa Fe, NM

3 Bedroom

$1,398

$1,733

+24% in Santa Fe, NM

Buying a Home

Median Home Value

$311,800

$411,500

+32% in Santa Fe, NM

Income

Median Household Income

$71,855

$70,110

+2% in Billings, MT

Metro Median Wage (annual)

$49,060

$48,710

+1% in Billings, MT

People & Lifestyle

Median Age

38.1 yr

46.4 yr

+8.3 yr in Santa Fe, NM

Homeownership

64.8%

62.8%

+2.0 pp in Billings, MT

Bachelor's+ (25+)

37.0%

45.4%

+8.4 pp in Santa Fe, NM

Avg Commute

16.7 min

20.2 min

+3.5 min in Santa Fe, NM

Crime (per 100k/yr)

Violent Crime

750.2

843.3

+12% in Santa Fe, NM

Property Crime

3,123.5

5,189

+66% in Santa Fe, NM

FBI Crime Data Explorer. Offenses per 100,000 residents per year; agency reporting practices vary, so this is approximate.

Climate

Avg Annual Temperature

48.2°F

51.9°F

+3.7°F in Santa Fe, NM

Annual Precipitation

13.7 in

13.5 in

+0.2 in in Billings, MT

Gas

Regular Gasoline

$4.29/gal

$3.62/gal

+15% in Billings, MT

Area: Rocky Mountain (PADD 4) vs Gulf Coast (PADD 3).

Utilities

Electricity (¢/kWh)

14.7

14.1

+4% in Billings, MT

Natural Gas ($/MCF)

$8.77

$11.90

+36% in Santa Fe, NM

Residential, state-level averages (EIA). MCF = 1,000 cubic feet.

Groceries

Milk (gal)

$4.82

about equal

Bread (lb)

$2.04

about equal

Eggs (doz)

$2.19

about equal

Ground Beef (lb)

$7.36

about equal

Chicken (lb)

$2.01

about equal

Bananas (lb)

$0.70

about equal

Average prices — West vs West (BLS). Regional where available, otherwise U.S. average.

State Taxes

Sales Tax (MT / NM)

None

4.875%

+4.9 pp in NM

Income Tax (top rate)

5.65%

5.90%

+0.3 pp in NM

Billings vs Santa Fe — FAQ

Is it cheaper to live in Billings or Santa Fe?: Billings, MT is cheaper. Its monthly baseline of $1,030 (1BR rent + utilities) runs about 21% below Santa Fe, NM's $1,310, mainly because of rent.
How much more do you need to earn to live in Billings than in Santa Fe?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $36,000 a year in Billings versus $47,000 in Santa Fe.
Which has lower taxes, Billings or Santa Fe?: Billings is taxed under Montana's rules (a top state income tax rate of 5.65% and no state sales tax); Santa Fe under New Mexico's (a top state income tax rate of 5.90% and a 4.875% state sales tax).

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981–2010 (climate); EIA weekly retail (gas); Tax Foundation 2026 (state taxes).