Is it cheaper to live in Santa Fe or Sioux Falls?

Sioux Falls, SD 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 Santa Fe than in Sioux Falls?

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $47,000 a year in Santa Fe versus $35,000 in Sioux Falls.

Which has lower taxes, Santa Fe or Sioux Falls?

Santa Fe is taxed under New Mexico's rules (a top state income tax rate of 5.90% and a 4.875% state sales tax); Sioux Falls under South Dakota's (no state income tax and a 4.2% state sales tax).

Santa Fe vs Sioux Falls Cost of Living 2026

Santa Fe

New Mexico

$1,310/mo est.

Sioux Falls

South Dakota

$1,030/mo est.

Monthly estimate = 1BR rent + electricity + gas

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

Median household income is $70,110 in Santa Fe, NM and $74,714 in Sioux Falls, SD — about 6% higher in Sioux Falls, SD. New Mexico has a top state income tax rate of 5.90% and a 4.875% state sales tax; South Dakota has no state income tax and a 4.2% state sales tax.

Santa Fe, NM

Sioux Falls, SD

Rent

Studio

$969

$825

+15% in Santa Fe, NM

1 Bedroom

$1,167

$870

+25% in Santa Fe, NM

2 Bedroom

$1,559

$1,000

+36% in Santa Fe, NM

3 Bedroom

$1,733

$1,237

+29% in Santa Fe, NM

Buying a Home

Median Home Value

$411,500

$271,400

+34% in Santa Fe, NM

Income

Median Household Income

$70,110

$74,714

+7% in Sioux Falls, SD

Metro Median Wage (annual)

$48,710

$47,970

+2% in Santa Fe, NM

People & Lifestyle

Median Age

46.4 yr

35.1 yr

+11.3 yr in Santa Fe, NM

Homeownership

62.8%

60.0%

+2.8 pp in Santa Fe, NM

Bachelor's+ (25+)

45.4%

37.4%

+8.0 pp in Santa Fe, NM

Avg Commute

20.2 min

17.0 min

+3.2 min in Santa Fe, NM

Crime (per 100k/yr)

Violent Crime

843.3

526.7

+38% in Santa Fe, NM

Property Crime

5,189

2,927.1

+44% 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

51.9°F

45.8°F

+6.1°F in Santa Fe, NM

Annual Precipitation

13.5 in

26.4 in

+12.9 in in Sioux Falls, SD

Gas

Regular Gasoline

$3.62/gal

$3.94/gal

+9% in Sioux Falls, SD

Area: Gulf Coast (PADD 3) vs Midwest (PADD 2).

Utilities

Electricity (¢/kWh)

14.1

15.7

+11% in Sioux Falls, SD

Natural Gas ($/MCF)

$11.90

$10.95

+8% in Santa Fe, NM

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

Groceries

Milk (gal)

$4.82

$4.31

+10% in Santa Fe, NM

Bread (lb)

$2.04

$1.66

+19% in Santa Fe, NM

Eggs (doz)

$2.19

$3.63

+66% in Sioux Falls, SD

Ground Beef (lb)

$7.36

$6.77

+8% in Santa Fe, NM

Chicken (lb)

$2.01

$2.10

+4% in Sioux Falls, SD

Bananas (lb)

$0.70

$0.62

+12% in Santa Fe, NM

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

State Taxes

Sales Tax (NM / SD)

4.875%

4.2%

+0.7 pp in NM

Income Tax (top rate)

5.90%

None

+5.9 pp in NM

Santa Fe vs Sioux Falls — FAQ

Is it cheaper to live in Santa Fe or Sioux Falls?: Sioux Falls, SD 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 Santa Fe than in Sioux Falls?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $47,000 a year in Santa Fe versus $35,000 in Sioux Falls.
Which has lower taxes, Santa Fe or Sioux Falls?: Santa Fe is taxed under New Mexico's rules (a top state income tax rate of 5.90% and a 4.875% state sales tax); Sioux Falls under South Dakota's (no state income tax and a 4.2% 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).