Is it cheaper to live in Bozeman or Santa Fe?

Santa Fe, NM is cheaper. Its monthly baseline of $1,310 (1BR rent + utilities) runs about 4% below Bozeman, MT's $1,360, mainly because of rent.

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

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $49,000 a year in Bozeman versus $47,000 in Santa Fe.

Which has lower taxes, Bozeman or Santa Fe?

Bozeman 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).

Bozeman vs Santa Fe Cost of Living 2026

Bozeman

Montana

$1,360/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 $1,360 in Bozeman, MT versus $1,310 in Santa Fe, NM. Overall, Santa Fe, NM is roughly 4% cheaper to live in day-to-day than Bozeman, MT, driven mainly by rent.

Median household income is $79,903 in Bozeman, MT and $70,110 in Santa Fe, NM — about 12% higher in Bozeman, 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.

Bozeman, MT

Santa Fe, NM

Rent

Studio

$1,064

$969

+9% in Bozeman, MT

1 Bedroom

$1,214

$1,167

+4% in Bozeman, MT

2 Bedroom

$1,528

$1,559

+2% in Santa Fe, NM

3 Bedroom

$2,057

$1,733

+16% in Bozeman, MT

Buying a Home

Median Home Value

$614,900

$411,500

+33% in Bozeman, MT

Income

Median Household Income

$79,903

$70,110

+12% in Bozeman, MT

Metro Median Wage (annual)

$54,830

$48,710

+11% in Bozeman, MT

People & Lifestyle

Median Age

28.6 yr

46.4 yr

+17.8 yr in Santa Fe, NM

Homeownership

44.6%

62.8%

+18.2 pp in Santa Fe, NM

Bachelor's+ (25+)

65.1%

45.4%

+19.7 pp in Bozeman, MT

Avg Commute

15.4 min

20.2 min

+4.8 min in Santa Fe, NM

Crime (per 100k/yr)

Violent Crime

451.2

843.3

+87% in Santa Fe, NM

Property Crime

1,808.3

5,189

+187% 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

45.3°F

51.9°F

+6.6°F in Santa Fe, NM

Annual Precipitation

14.0 in

13.5 in

+0.5 in in Bozeman, MT

Gas

Regular Gasoline

$4.27/gal

$3.62/gal

+15% in Bozeman, MT

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

Utilities

Electricity (¢/kWh)

15.1

+1% in Bozeman, MT

Natural Gas ($/MCF)

$10.12

$9.31

+8% in Bozeman, MT

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

Bozeman vs Santa Fe — FAQ

Is it cheaper to live in Bozeman or Santa Fe?: Santa Fe, NM is cheaper. Its monthly baseline of $1,310 (1BR rent + utilities) runs about 4% below Bozeman, MT's $1,360, mainly because of rent.
How much more do you need to earn to live in Bozeman than in Santa Fe?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $49,000 a year in Bozeman versus $47,000 in Santa Fe.
Which has lower taxes, Bozeman or Santa Fe?: Bozeman 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).