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Moving to New Mexico

Are You Moving From or To New Mexico?

The vibrant state of New Mexico is famous for its breathtaking terrain and diverse arts community. With a wide variety of activities and destinations, the land of enchantment truly has a lot to offer.

It’s no wonder that New Mexico is called the Land of Enchantment. Whether exploring ancient ruins, shopping for silver and turquoise jewelry, or just enjoying the ever-changing colors of the sky at sunset, New Mexico casts its charm on every visitor.

New Mexico is a constituent state of the United States of America. It became the 47th state of the union in 1912. New Mexico ranks fifth among the 50 United State states in terms of total area and is bounded by Colorado to the north, Oklahoma and Texas to the east.
New Mexico has some of the flattest land as well as some of the most rugged mountains in the country and it was described as The Land of Enchantment. The highest mountain peaks, Wheeler Peak and Truchas Peak are in the Sangre de Cristo Mountains in the north-central part of the state. The Rocky Mountains extend into the north-central part of the state.

With varied landscapes that range from red rock mesas to snow-capped mountains, New Mexico encapsulates all of the geological features that attract visitors to the American Southwest. No other state, however, has such a unique palette of light-infused colors, which is why so many artists call New Mexico home.

If you’re moving to New Mexico, there are a lot of things you’re going to need to know. Luckily, you’ve come to the right place.

Moving to New Mexico

Pros and Cons of Living in New Mexico

Here are a few pros and cons to consider as you make your move to The Land of Enchantment:

Pros.
  • Retirement: The state is quickly becoming a popular retirement destination, attracting seniors from all over the country.
  • Cost of living: New Mexico has a low cost of living and an abundance of opportunity when combined with its temperate climate and welcoming culture makes it a great place to spend retirement.
  • Beautiful nature: There’s a reason it’s called the Land of Enchantment. From majestic mountains and vast desert to fertile valleys and slot canyons, the beauty is varied and awe-inspiring.
Cons.
  • Quality of education: Graduation rates of high schools and 4-year colleges are much lower than the national average, with high school graduation rates a bit under 70%.
  • Economy: U.S. News ranked the state’s economy 46th. With a high unemployment rate and a greater number of people leaving the state than staying, the business has gone a bit stagnant and so has the economy.
  • Crime rate: Public safety here is ranked last among all the states in the U.S. It has a high rate of property and violent crimes.
Tax Rates
  • Property Tax: 0.78%. New Mexico’s effective real-estate tax rate is ranked 17th lowest in the US.
  • State Sales Tax: 5.125%. Combined with local taxes, the total ranges from 5.125% to 9.0625%.
  • Income Tax: 1.7–4.7%. There are currently four tax brackets in the state of New Mexico.
Housing Market

Home prices for the state are hovering around the national average as well, and it’s predicted that the prices will go up 2.1% in the next year (state can’t catch a break). U.S. News ranked its housing affordability 33rd. Sources put the median home value for the state at $184,561, and the median rent price at $1,200.

What Should I Know In 2020?

Economy Outlook

According to Economy Rankings by US News & World Report, New Mexico ranks #47 in the nation. The score depends on several subcategories: the business environment (#36), employment (#49), and growth (#46). The state’s GDP is $94.2 billion, and the median income is currently $25,311.

New Mexico’s economy is notoriously sluggish. The state currently has the second-highest unemployment rate in the country. That’s not to say that there are no jobs, but it’s a good idea to line up a job before moving to New Mexico rather than count on finding a job soon after moving to the state.

About one-half of its economy is based on the service sector, while much of the remainder is centered on extractive industries (mining and oil production).

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Traffic & Transportation

If you plan to limit your New Mexico trip to Santa Fe, it is completely feasible to get by without a car. It’s a confusing town to navigate given the 400 years of road planning involved. But travel anywhere else in the state and you will require your own set of wheels to get around. New Mexico is about as rural and as undeveloped as any state in America, so you will be left largely to your own devices in terms of transportation. A rental car will prove an invaluable asset once you hit the open road and start absorbing the incomparable natural scenery that permeates the state. Albuquerque’s airport has several major car rental firms to choose from, and all the roads are well-marked and fairly easy to navigate.

You can find taxis in both Santa Fe and Albuquerque, but few other cities in New Mexico have cabs. They never cruise around looking for fares so you need to keep a phone number or two handy to call for a pickup.

Cost of living

New Mexico is renowned for its low cost of living, about 3.1% lower than the national average. The average home in New Mexico costs roughly $151,000.

New Mexico is a rather affordable state to live in. It is one of few states where the cost of living index is lower than the average national one. The overall index is 4% lower than the average one and the main factors in this are the cost of food and groceries as well as healthcare and transportation.

The cost of living in New Mexico is much lower than in Arizona. Arizona has many job opportunities while New Mexico doesn’t. … Az has about 6.9 million vs NM at about 2 million. Therefore the cost of living is much cheaper in NM.

Moving to New Mexico

Things to Know When Moving To New Mexico

New Mexico Climate

Summers are hot in the majority of New Mexico with low relative humidity. Daytime temperatures often exceed 100°F (37.8°C) at low altitudes below 1500 meters, even though the average high temperatures peak at 97°F (36.1°C) in July. Summer nights are usually comfortable due to rapid cooling after sunset and low humidity. Winter nights drop below freezing in many places, with a few even dropping below 0°F (-17.8°C).

Employment

Here are the fastest-growing jobs in New Mexico:
Personal Care Assistant
Home Health Aid
Physical Therapist
Nurse Practitioner
Speech-Language Pathology Internship

Real Estate

El valor de una vivienda típica de las viviendas en Nuevo México es de $ 217,355. Este valor está ajustado estacionalmente y solo incluye el nivel de precio medio de las viviendas. Los valores de las viviendas en Nuevo México han subido un 7,1% durante el año pasado y Zillow predice que subirán un 7,2% el próximo año.

Average Income

Median Household Income: $48,059. Average Household Income: $66,565. Per Capita Income: $26,085. 3.7% of Households in New Mexico are High-Income Households that make over $200,000 a year.

Industries

Tourism, military, and the oil and gas industry are the major industries in New Mexico. They provide most of the jobs and account for a large amount of government spending in the state.

Crime Rankings

New Mexico has the second-highest violent crime rate in the country—8.6 vs. 3.7 nationwide. The violent crime rate in New Mexico is one of the highest in the country—8.6 incidents per 1,000 people, compared to 3.7 across the country.

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