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Moving to New Mexico

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.

Moving to New Mexico

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 MexicoUS
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

RankJobLocal Jobs .Mean Local Salary .
1Retail salespersons21,700$20,732
2Cashiers12,130$17,235
3Secretaries, except legal, medical, and executive11,010$24,507
4Waiters and waitresses10,500$14,215
5Combined food preparation and serving workers, including fast food9,390$14,097
6Office clerks, general9,210$20,935
7Customer service representatives8,840$22,955
8Janitors and cleaners, except maids and housekeeping cleaners8,440$18,435
9Registered nurses7,520$54,043
10General and operations managers7,440$79,545

Highest paying jobs in New Mexico

RankJob DescriptionAverage Salary iEntry Level
Salary 
i
1General Pediatricians$190,240$70,140
2Other Specialists Dentists$167,990$114,100
3Orthodontists$167,770$140,740
4Physicists$167,200$107,400
5Architectural and Engineering Managers$166,370$103,120
6Nurse Anesthetists$165,650$46,670
7General Dentists$159,760$80,280
8Family Medicine Physicians$146,320$52,400
9Postsecondary Health Specialties Teachers$141,390$59,450
10Materials Scientists$137,240$90,630

Largest employer in New Mexico

#EmployerCityNumber of Employees
1University NM Board of RegentsAlbuquerque12,000
2Sandia CorpAlbuquerque8,761
3Da Vita Medical Group NmAlbuquerque5,000
4Presbyterian HospitalAlbuquerque4,109
5New Mexico State Univ-Las CrcsLas Cruces4,000
6Intel CorpRio Rancho3,600
7Navajo Agricultural ProductsFarmington3,500
8Albuquerque InternationalAlbuquerque3,000
9Albuquerque Police DeptAlbuquerque3,000
10Rocky Mountain Dressage SctySanta Fe3,000

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.

Rank46
StateNew 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

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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 2021:

  • 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.

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

  1. Georgia O’Keeffe Museum
  2. Sandia Peak Tramway
  3. Santa Fe Plaza
  4. Canyon Road
  5. White Sands National Monument
  6. Santa Fe Opera House
  7. Rio Grande Gorge Bridge
  8. The Cathedral Basilica of St. Francis of Assisi
  9. Lincoln National Forest
  10. Roswell Museum & Art Center
  11. Meow Wolf Santa Fe
  12. Museum of International Folk Art
  13. Dripping Springs Natural Area
  14. Bottomless Lakes State Park
  15. New Mexico State Capitol (Roundhouse)
  16. El Rancho de las Golondrinas
  17. Loretto Chapel
  18. Taos Pueblo
  19. International UFO Museum and Research Center
  20. Enchanted Circle Drive

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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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