Key Economic Benchmarks
Median Household Income
$57,842$4,820 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Torrance County, NM
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Torrance County, NM
Official FY2026 HUD Fair Market Rents for Albuquerque, NM MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,009 | $12,108 | $40,360 | 20.9% |
| 1-Bedroom Apartment | $1,185 | $14,220 | $47,400 | 24.6% |
| 2-Bedroom ApartmentBenchmark | $1,464 | $17,568 | $58,560 | 30.4% |
| 3-Bedroom Home | $2,036 | $24,432 | $81,440 | 42.2% |
| 4-Bedroom Home | $2,399 | $28,788 | $95,960 | 49.8% |
50/30/20 Living Budget in Torrance County, NM
Based on the local median household income of $57,842/year ($4,820/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in New Mexico
Explore net income after federal income tax, FICA, and New Mexico state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across New Mexico with official federal datasets:
Frequently Asked Questions About Living in Torrance County, NM
What is the median household income in Torrance County, NM?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Torrance County, NM is $57,842 per year (approximately $4,820 per month).
What is the average rent in Torrance County, NM?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Torrance County, NM are $1,009 for a studio, $1,185 for 1 bedroom, $1,464 for 2 bedrooms, $2,036 for 3 bedrooms, and $2,399 for 4 bedrooms.
How does the cost of living in Torrance County, NM compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Torrance County, NM is 95.5 (4.5% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Torrance County, NM?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,464/month) in Torrance County, NM requires a minimum gross household income of $58,560 per year ($4,880 per month).
What is a balanced 50/30/20 monthly budget in Torrance County, NM?
For a typical household earning the median income of $57,842/year ($4,820/month) in Torrance County, NM, a balanced 50/30/20 budget allocates $2,410/month to essential needs (rent, utilities, groceries), $1,446/month to discretionary spending, and $964/month to savings and debt repayment.
What are typical electricity and utility costs in Torrance County, NM?
Residential electricity rates in New Mexico average 15.1¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $136 per month.