What is the cost of living in New Mexico?
The cost of living in New Mexico is 3.8% lower than the US average. According to MIT, the required living wage for a family of four with two working parents in New Mexico is $86,326 vs the national average for a family of four with two working parents of $89,744. The median income of a New Mexico household is $51,243.
The average home price in New Mexico is $175,700, which is lower than the US average home price of $229,800. Median rent in New Mexico is $857/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.4 to 1. That means it takes roughly 3.4 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, New Mexico has a low cost of living compared to America as a whole.
Public domain
People Also Ask About New Mexico
Is New Mexico a dangerous state?
Yes, New Mexico is a dangerous state as it ranks as the #1 most dangerous state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in New Mexico ranks second most dangerous in the United States -- 110.46% worse than US average violent crime rate. The property crime rate in the Land of Enchantment ranks second most dangerous in the United States -- 45.41% worse than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Albuquerque, NM a dangerous city?
Yes, Albuquerque is a dangerous city. Albuquerque ranks as the #21 most dangerous out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Albuquerque might be considered dangerous you still need to be aware of where you are. For example, Valley Gardens is the safest in Albuquerque, while Barelas is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Albuquerque ranks 17th highest in America -- 149.36% worse than US average violent crime rate. The property crime rate in the ranks 25th highest in the United States -- 75.75% worse than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in New Mexico has the lowest cost of living?
The county in New Mexico with the lowest cost of living is Dona Ana County. The average living wage in Dona Ana County is $84,047 according to MIT data. Dona Ana County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to New Mexico as a whole. Childcare costs $13,453 a year in Dona Ana County for two children compared to the New Mexico average of $13,539. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,808 per year in Dona Ana County compared to $10,722 on average in New Mexico.
What is the cheapest housing market in New Mexico?
The cheapest housing market in New Mexico is Truth or Consequences. The average home value in Truth or Consequences is $84,300, the lowest in the state. The average home value in New Mexico is $175,700, almost 2.1 times higher than Truth or Consequences.