Is New Mexico Expensive?

average rent in new mexico The majority of New Mexico enjoys a lower cost of living than the national average. Albuquerque is more expensive than other areas in New Mexico. The cost of living in Albuquerque is $50,000 to $60,000 per year. Housing costs in Albuquerque, New Mexico average nearly $20,000 every year.

Is New Mexico an expensive state?

The cost of living in New Mexico is below the national average, which is why many people choose to move here. In fact, it costs 11.6% less than the U.S. average to live in New Mexico. All that being said, the cost of living in New Mexico varies depending on where you are interested in moving to.

Is New Mexico a cheap state?

The overall cost of living in New Mexico is 88.4, which is cheaper than the national average of 100. Expect to pay less for groceries, health care, pet rent fees, utilities, transportation, and housing than renters in most other states.

Is it cheaper to live in New Mexico or Arizona?

What many retirees are finding is better deals, say experts: The median home in New Mexico costs just $151,900 and the cost of living is 3.1% lower than the national average. That makes much of the state far less expensive than Arizona’s most famous retirement havens.

Is New Mexico a good state to live?

A WalletHub study has compared the states on 52 indicators of livability and has determined that New Mexico ranks 50th as 2021’s best states to live in. The states were compared across five factors including affordability, economy, education and health, quality of life, and safety.

What is the cheapest US state to live in?

Mississippi
1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

Which state has lowest cost of living?

Mississippi
Mississippi. Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi’s housing costs are the lowest in the nation.

Why is nm so poor?

The list, according to Wallin, include economic inequality, high rates of working poor, high unemployment rates, lack of funding for early childhood education, and lack of funding for higher education. And those are just a few of the underlying issues, Wallin said.

What is minimum wage in New Mexico?

$11.50 per hour
New Mexico’s statewide minimum wage for all workers is currently $11.50 per hour under a bill approved in 2019 that has gradually increased the state’s base wage rate. One final increase is planned under that bill – a rise to $12 per hour starting in January 2023.

Is New Mexico unsafe?

New Mexico had the highest rate of property crime among US states in 2016. New Mexico had the second highest rate for violent crime, following Alaska. Around 27 percent of the population lives in Albuquerque, but the city was home to 42.7 percent of violent crime and 47 percent of property crime in New Mexico.

What is a livable salary in New Mexico?

Living Wage Calculation for Bernalillo County, New Mexico

What is a good salary in New Mexico?

A person working in New Mexico typically earns around 97,400 USD per year. Salaries range from 24,600 USD (lowest average) to 435,000 USD (highest average, actual maximum salary is higher). This is the average yearly salary including housing, transport, and other benefits.

Where in New Mexico should you not live?

Here Are The 10 Most Dangerous Towns In New Mexico To Live In

• Roswell (population 48,623) Flickr/Clinton Steeds.
• Hobbs (population 34,543) Flickr/Chuck Coker.
• Albuquerque (population 553,684)
• Silver City (10,285)
• Socorro (population 9069)
• Taos (population 5722)
• Farmington (population 45,328)
• Artesia (population 11,389)

What are the negatives of living in New Mexico?

Relocation to New Mexico has some disadvantages as well.

• Job opportunities.
• Low-quality education.
• Bad roads and traffic.
• Higher crime rate.
• Too dry climate, especially in spring and summer.
• Widespread alcoholism.
• Negative trend of the share.
• Small amount of public transport.

Is it cheaper to live in Texas or New Mexico?

The higher cost of living in Texas doesn’t just apply to food and clothes. Housing is significantly more expensive there than in New Mexico. The median cost of a home in New Mexico is less than $200,000, while the median cost of a home in Texas is about $223,000.

Is New Mexico the poorest state?

Mississippi. Mississippi is the poorest U.S. state, with 18.8% of its residents living in poverty. The state also has the highest child poverty rate, with 27.9% of its under-18 population meeting federal poverty guidelines.

What is the best state to live in financially?

The five best states for your personal finances in 2022 are (No. 1 being best): Tennessee.

• New Jersey.
• Hawaii.
• Connecticut.
• Alaska.
• Illinois.

What state is the highest cost of living?

Hawaii
Hawaii is the most expensive state to live in the United States. With a cost of living index of 193.3, the cost of living in Hawaii is nearly twice the national average.

What U.S. city has the lowest cost of living?

Wichita Falls, Texas, was named the city with the lowest cost of living. Visit Business Insider’s homepage for more stories.

Which state has the cheapest food?

The most notable exception is New Hampshire, which, despite being an East Coast state, actually has the lowest food costs in the nation.

What is the most expensive city in the US?

1. New York City, New York. New York City leads the pack as the most expensive city in the United States.
2. San Francisco, California.
3. Honolulu, Hawaii.
4. Boston, Massachusetts.
5. Washington, D.C.
6. Oakland, California.
7. San Jose, California.
8. San Diego, California.