New Mexico’s weather and beautiful landscape have attracted residents over the years. Moving to New Mexico will be in your best interest if you like artistic cities with breathtaking scenery and scenery that looks like it was made with Photoshop.
New Mexican culture is a blend of Spanish, Native American, Mexican and English influences, making the state a multicultural hub. The state of New Mexico is ideal for those who enjoy ballooning, kayaking, cycling, horseback riding, rock climbing, and hiking, among other activities.
Fiestas and festivals are plentiful in New Mexico, and hippies love it. To help you decide if New Mexico is the place for you, we’ve compiled key statistics about the state.
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Cost of Living
According to worldpopulationreview, New Mexico’s cost of living index is 87.5. It is comparatively lower than the united states index average of 100.
Living costs are lower in New Mexico than they are on average across the country. In general, the cost of living in the state costs 8.9% less than they do nationwide on average, according to data from the Bureau of Economic Analysis. New Mexico has the 18th lowest cost of living in the country.
There are four metropolitan areas in New Mexico. The Santa Fe metro area is the most expensive in the state, with the cost of living is 2.2% lower than the national average and 6.7% higher than the statewide average.
| New Mexico | US | |
|---|---|---|
| Median Home Value | $166,800.00 | $204,900.00 |
| Median Monthly Rent | $828.00 | $1,023.00 |
| Average Car Insurance | $1,275.00 | $1,517.00 |
| Healthcare cost for Single Adult | $3,326.00 | $4,266.00 |
| Healthcare cost for family of four | $10,213.00 | $12,950.00 |
| Food cost for Single Adult | $3,082.00 | $3,240.00 |
| Food cost for family of four | $8,902.00 | $9,354.00 |
| Annual Child care cost | $7,844.00 | $8,903.00 |
| Annual Taxes | $5,119.00 | $6,542.00 |
Job market
According to U.S. News, New Mexico ranks 46 in the nation for employment.
In New Mexico, the average household income is $66,565, While the median household income is $48,059.
The most wanted job in New Mexico is an Information security analyst, With an average annual salary of $106,360.
According to the U.S. Bureau of Labor Statistics reports, New Mexico’s current unemployment rate in February 2021 was 8.3 %, higher than the 6.2% average Unemployment Rate in the United States. It is 23.9x more common for a worker in New Mexico to be an Educational Assistant than all U.S. workers.
The Most Common Jobs in New Mexico
| Rank | Job | Local Jobs | Mean Local Salary |
|---|---|---|---|
| 1 | Retail salespersons | 21,700 | $20,732 |
| 2 | Cashiers | 12,130 | $17,235 |
| 3 | Secretaries, except legal, medical, and executive | 11,010 | $24,507 |
| 4 | Waiters and waitresses | 10,500 | $14,215 |
| 5 | Combined food preparation and serving workers, including fast food | 9,390 | $14,097 |
| 6 | Office clerks, general | 9,210 | $20,935 |
| 7 | Customer service representatives | 8,840 | $22,955 |
| 8 | Janitors and cleaners, except maids and housekeeping cleaners | 8,440 | $18,435 |
| 9 | Registered nurses | 7,520 | $54,043 |
| 10 | General and operations managers | 7,440 | $79,545 |
Highest paying jobs in New Mexico
| Rank | Job Description | Average Salary i | Entry Level Salary i |
|---|---|---|---|
| 1 | General Pediatricians | $190,240 | $70,140 |
| 2 | Other Specialists Dentists | $167,990 | $114,100 |
| 3 | Orthodontists | $167,770 | $140,740 |
| 4 | Physicists | $167,200 | $107,400 |
| 5 | Architectural and Engineering Managers | $166,370 | $103,120 |
| 6 | Nurse Anesthetists | $165,650 | $46,670 |
| 7 | General Dentists | $159,760 | $80,280 |
| 8 | Family Medicine Physicians | $146,320 | $52,400 |
| 9 | Postsecondary Health Specialties Teachers | $141,390 | $59,450 |
| 10 | Materials Scientists | $137,240 | $90,630 |
Largest employer in New Mexico
| # | Employer | City | Number of Employees |
|---|---|---|---|
| 1 | University NM Board of Regents | Albuquerque | 12,000 |
| 2 | Sandia Corp | Albuquerque | 8,761 |
| 3 | Da Vita Medical Group Nm | Albuquerque | 5,000 |
| 4 | Presbyterian Hospital | Albuquerque | 4,109 |
| 5 | New Mexico State Univ-Las Crcs | Las Cruces | 4,000 |
| 6 | Intel Corp | Rio Rancho | 3,600 |
| 7 | Navajo Agricultural Products | Farmington | 3,500 |
| 8 | Albuquerque International | Albuquerque | 3,000 |
| 9 | Albuquerque Police Dept | Albuquerque | 3,000 |
| 10 | Rocky Mountain Dressage Scty | Santa Fe | 3,000 |
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Tax rates
The rate of income tax in New Mexico ranks among the 20 lowest in the country, with progressively increasing rates. Compared to all other states, New Mexico has the 18th lowest effective property tax rate in the country.
Sales tax is not collected by the state, but rather an income tax is levied on business profits. This tax often gets passed onto consumers.
State and local income taxes, property taxes in the Land of Enchantment, and gross receipt taxes also provide for one-third of all state and local tax revenue. Every one of these taxes is lower than the national average in New Mexico.
Individual taxpayers will experience different impacts based on their financial circumstances.
New Mexico income Tax:
New Mexico state is applicable to dividends and interest income.
New Mexico State has a progressive tax structure.
New Mexico state tax is divided into 4 brackets with tax rates of 1.7%-5.9% applicable on income range of $5,500-$210,000.
New Mexico Sales Tax:
New Mexico State is ranked 32 nationwide. In New Mexico, the state sales tax is 5.125% and the average local tax rate is 2.69%.
New Mexico Property Tax:
According to the U.S. Census Bureau, New Mexico state’s median property tax is $ 1,188 with an effective property tax rate of 0.62%.
New Mexico Gas Taxes:
New Mexico State has a $0.18875 / gallon gasoline tax and $0.22875 / gallon diesel tax.
New Mexico Cigarettes Tax:
New Mexico State ranks 19th out of 50 states in the cigarette tax. In New Mexico, the cigarette tax per pack of 20 is $2.00.
Economy
New Mexico ranks 34th for its economic outlook and 47th for its economic performance rank.
Among states with high economic exposure to COVID-19, New Mexico is the 10th highest.
Over 521,449 New Mexico employees are employed in high or Medium-High COVID-19 exposure sectors, with 58% of all employees employed in COVID-19-affected sectors.
There are 2,096,829 residents in New Mexico and its population is expected to grow by 0.1% annually through 2019 ranking 37th out of all 50 U.S. states.
In 2019, New Mexico’s Gross State Product reached $97.1 billion, and by the end of this year, it would rank 25th in GSP growth among all the U.S. states.
Education
According to U.S. News, New Mexico is ranked 50th overall in the United States education system, 24th for higher education and 50th for Pre-K-12.
New Mexico is ranked 50th for quality of education in public schools among all 50 states by WalletHub.
New Mexico schools spend $9,582 per pupil for a total of $3 billion annually. That’s the equivalent of 3.7% of taxpayer income.
22,701 college students graduate annually in New Mexico. The cost of the average community college in New Mexico is $1,720 for In-state tuition and $5,480 for out-of-state tuition. In New Mexico, public university costs $16,744 which is less than the national average of $21,216.
| Rank | 46 |
|---|---|
| State | New Mexico |
| In-State Total | $16,744 |
| In-State Tuition & Fees | $7,109 |
| Room & Board | $9,635 |
| Out-Of-State Tuition & Fees | $18,901 |
Top 5 Colleges in New Mexico
- University of New Mexico – Albuquerque, NM
- New Mexico State University – Las Cruces, NM
- Eastern New Mexico University – Portales, NM
- University of the Southwest – Hobbs, NM
- Northern New Mexico College – Espanola, NM
Housing prices
Because of the low vacancy rate and the rise in demand, rent prices in New Mexico have steadily risen for decades. The ongoing flu pandemic is aggravating the situation for low-income residents by increasing rental costs.
According to the rental market trends from RentCafe, the average cost of renting an Albuquerque apartment in January 2021 was $982 for 812 square feet. In the past year, home prices increased 7%, but additional bedrooms or a desirable neighborhood can cause prices to rise further.
In June, the New Mexico Association of Realtors® recorded the state’s highest median sale price since recording began in 2008. Low inventory in New Mexico is causing high home prices, as it does in many other parts of the nation.
Similar to the metro area, the median home value for Albuquerque is $214,432.
According to homesnacks.com here are the
Most Affordable Places To Live In New Mexico
- Grants
- Lovington
- Carlsbad
- Hobbs
- Roswell
- Gallup
- Bloomfield
- Alamogordo
- Raton
- Socorro
most expensive places to live in New Mexico for 2023
- Taos
- Santa Fe
- Las Vegas
- Silver City
- Albuquerque
- Los Ranchos de Albuquerque
- Corrales
- Anthony
- Sunland Park
- Las Cruces
Weather
Arid climates dominate the land in New Mexico. Smaller areas of continental climates and alpine climates occur.
Most of New Mexico has hot summers with a low relative humidity level. The average high temperature in July reaches 97°F (36.1°C), even though the daytime temperatures at low altitudes frequently exceed 100°F. In summer, nights are usually comfortable since temperatures drop rapidly after dusk and humidity levels decrease.
There are many places in which winter nights drop below zero degrees Fahrenheit (-17.8°C). Even the peak of the cold season has days that are mostly warm and sunny. Different seasons have significantly different temperatures, and they can also differ from one day to the next. It is generally comfortable and warm in spring and autumn.
The state of New Mexico receives 355.6mm (14 inches) of rainfall on average per year, with the largest amount falling in the summer months. In the south, the average rainfall is below 10 inches (254mm).
Winter snowfalls in the mountains can be up to 60 inches (1524mm) in height. New Mexico’s northern and central parts log at least 20″ (508mm) of snow, while its southern part rarely sees more than 5″ (127mm) of snow.
Weather hazards
Spring and summer bring thunderstorms, floods and tornadoes, while winter brings snowstorms. The heaviest rainfall occurs in late spring and summer when thunderstorms are frequent. Storms often cause flash floods because sparse vegetation, uneven terrain and weak soils in many regions cannot hold even a moderate amount of water.
In April and May, heavy rainfall can cause large rivers to flood due to the melting of snow. Occasionally tornadoes strike New Mexico in May and August, but the sparse population of the state means that most injury and death result from the storms. New Mexico has an average of nine tornadoes in a year.
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Pros and Cons of Living in New Mexico
Pros
- Affordable cost of living
It is the 5th most affordable state in the US to live in. New Mexico’s overall cost of living index is 88.4 (far below the national average).
- Lower housing cost
Owning a house in New Mexico is not at all challenging. The median home value of the state is $193,200, lower than the country’s average.
- People and Culture
New Mexico is home to more than 70 ethnicities and has a collection of a wide range of cultures all wrapped in a charming southwestern vibe.
- Reasonable cost of education
The average cost of tuition in the state is around $3,181, one of the lowest in the country.
- Natural Beauty
The state is home to varied landscapes and therefore, it is also known as the Land of Enchantment. It has majestic mountains, valleys, forests, canyons, deserts, and natural scenery.
- Outdoor Adventures
New Mexico is an ideal place for outdoor fanatics. It gives access to plenty of outdoor adventures such as biking, camping, hiking, skiing, rafting, kayaking, fishing, etc.
- History
The state boasts a rich history and culture and is home to the oldest city in the US, namely Santa Fe. It is known as the birthplace of the American cowboy.
Cons
- Weak Economy
The state has one of the highest unemployment rates in the country with stagnant job growth. It ranked #47 out of 50 in Economy, according to the US News & World Report.
- Higher Poverty Rate
The poverty rate in New Mexico is about 18.2%, far above the US average.
- Worst Education Quality
The state is currently offering the worst quality education to the students. Moreover, it has the lowest high-school graduation rate in the country.
- Crime Rate
The overall crime rate of the state is higher as compared to all other states in the country. It is home to Albuquerque which is counted amongst the most dangerous cities in the US to live in.
- Weird and Funny Laws
Like other states, New Mexico is also home to a variety of laugh-worthy laws. For instance, you cannot carry the lunch box down the main street in Las Cruces.
Things to Do in New Mexico
- Georgia O’Keeffe Museum
- Sandia Peak Tramway
- Santa Fe Plaza
- Canyon Road
- White Sands National Monument
- Santa Fe Opera House
- Rio Grande Gorge Bridge
- The Cathedral Basilica of St. Francis of Assisi
- Lincoln National Forest
- Roswell Museum & Art Center
- Meow Wolf Santa Fe
- Museum of International Folk Art
- Dripping Springs Natural Area
- Bottomless Lakes State Park
- New Mexico State Capitol (Roundhouse)
- El Rancho de las Golondrinas
- Loretto Chapel
- Taos Pueblo
- International UFO Museum and Research Center
- Enchanted Circle Drive
Conclusion
The above guide has given you many insights about moving to New Mexico. As the cost of living is very less compared to the US national average, it makes it easier to afford living in New Mexico. The statistics of the job market clearly reflect the growing opportunities for the different sectors here.
Many big employers are located in the cities like Albuquerque, Rio Rancho, etc. This has led to several other developments in this region.
New Mexico has very low-income tax rates and sales tax that have gradually reduced the charge of different things compared to the other states. Although the state ranks low in terms of education quality when compared to the other states, it provides some average education.
There are some nice highs-schools and colleges that are well-recognized which are listed above.
The climate of the state is very nice making it easier to live. So, do not think much, as New Mexico is one of the better affordable nice states to live.
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