CPM (cost per mille / cost per 1000 impressions)
CPM is the cost to deliver 1,000 ad impressions to your target audience on Meta. FE Facebook ads run between $15 and $40 CPM in most US states in 2026, with major coastal metros (LA, NYC, Boston) commanding the highest CPMs and rural Midwest the lowest.
CPM is set by auction. When two FE advertisers compete for the same audience slot, the one with the higher CPM-equivalent bid (or higher creative quality at equal bid) wins delivery.
CPM ties directly to CPL: a market with $40 CPM and a 1.5% click-to-lead conversion produces a higher CPL than a market with $20 CPM and the same conversion rate.
For FE specifically, CPMs have risen 15-25% per year since 2022 as more agents and lead vendors compete for the senior audience. This is one reason the per-lead-vendor cost has trended upward.