Measured against area pay, La Plata costs less to live in than 51% of U.S. towns
Up 6.8% in a year, close to the New Mexico typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Farmington, NM metro area ($56K). How TownRatings grades cost of living
Only 1 sale in September 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
The grade compares costs with what households across the Farmington metro earn ($56K, Census 2020–24). The typical home costs 3.8 years of metro income, and 23% of renters pay 30% or more of income for housing.
In dollars
- $316Ktypical home, 0% below the New Mexico typical homeZillow, September 2026
- $1,150a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
- 88prices across the Farmington metro, where the U.S. is 100 (housing 57)BEA Regional Price Parities, 2024
In paychecks the grade
- 3.8 yrsof area income buys the typical home; the typical U.S. town: 3.3$56K, Farmington-area income
- 20%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 20%of owners do; the typical U.S. town: 20%Census 2020–24
What kind of housing town is La Plata?
Read from the numbers below. The page puts what stands out first.
What’s behind La Plata’s grade
Measured against what households in the area earn, La Plata is more affordable than 51% of U.S. towns. Rent pulls the grade down most; the share of households paying 30%+ for housing holds it up.
Values have outpaced New Mexico: the typical La Plata home is up 30.6% in five years, against 25.1% statewide (Zillow).
Up 6.8% in a year
Faster than New Mexico (1.7%).
Show as a table
| January | La Plata | New Mexico |
|---|---|---|
| 2022 | $249,000 | $261,000 |
| 2023 | $268,000 | $285,000 |
| 2024 | $285,000 | $299,000 |
| 2025 | $296,000 | $310,000 |
| 2026 | $313,000 | $313,000 |
| September 2026 | $316,000 | $316,000 |
A typical La Plata home worth $237K in February 2021 is worth about $316K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A typical home costs 3.8 years of area income
The calculator starts from the area income the grade uses. Switch to La Plata’s own median, or type yours.
That’s $92K short of a typical La Plata home.
A two-bedroom rents for about $1,150 a month here, $690 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, La Plata’s typical property tax (0.71% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,150
Renters already here pay a median of $938, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Farmington, NM MSA): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
Low tax bills, but a high tax rate
The median bill is $1,491, under the New Mexico median of $1,731, because homes cost less. As a share of value it’s 0.71% a year, against 0.70% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near La Plata
Only figures published free for the whole country, each labeled with the area it covers: the Farmington, NM metro area, or New Mexico. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Prices overall U.S. = 100 | 88 | NM 92 | metro | BEA, 2024 |
| Goods (groceries, clothing, cars…) U.S. = 100 | 96 | NM 96 | metro | BEA, 2024 |
| Utilities U.S. = 100 | 78 | NM 78 | metro | BEA, 2024 |
| Other services U.S. = 100 | 99 | NM 99 | metro | BEA, 2024 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
La Plata vs. its neighbors
Of the 2 towns here with a Zillow value, La Plata has the 2nd-lowest.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| La Plata | B− | $316K | $210K | 0.71% | $1,150 |
| Farmington | C | $283K | $233K | 0.61% | $1,180 |
Questions about the cost of living in La Plata
Is La Plata expensive to live in?
Measured against what households in the area earn, La Plata costs less than 51% of U.S. towns: a B− for cost of living. The typical home costs 3.8 years of the median household income of the Farmington, NM metro area ($56K).
How much does a house cost in La Plata?
About $316K, Zillow’s typical value for September 2026, up 6.8% in a year. The New Mexico typical home is $316K.
What salary do you need to live in La Plata?
To buy the typical home with 20% down at 6.3%, about $79,000 a year, keeping the payment (about $1,840 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $46,000.
How much is rent in La Plata?
HUD puts a two-bedroom at about $1,150 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $938 (Census 2020–24).
What are property taxes in La Plata?
The median bill is $1,491 a year, 0.71% of the median home value (New Mexico: $1,731, 0.70%), from the Census 2020–24.
Are home prices in La Plata going up?
Yes: up 6.8% in the past year and 30.6% in five years, against 25.1% across New Mexico (Zillow).
Neighbors talk housing
What La Plata buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.