Are You Moving 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: In New Mexico is 0.78% average effective rate.
- State Sales Tax: There is no sales tax in New Mexico (Gross receipts tax of 5.125% to 9.25% effectively acts like a sales tax)
- Income Tax: In New Mexico ranges from 1.7% – 4.9%.
Housing Market
The typical home value of homes in New Mexico is $248,670 according to Zillow. This value is seasonally adjusted and only includes the middle price tier of homes. New Mexico home values have gone up 15.9% over the past year.
What Should I Know In 2021?
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
If you’re interested in buying a home after moving to New Mexico, the median home value in the state is $193,200.
New Mexico is a rather affordable state to live in. It is one of few states where the cost of living index is lower than the average national one. The overall index is 4% lower than the average one and the main factors in this are the cost of food and groceries as well as healthcare and transportation.
- Family of four estimated monthly costs are 2,789.89$ without rent.
- A single person estimated monthly costs are 795.16$ without rent.
- Albuquerque is 38.53% less expensive than New York.
- Rent in Albuquerque is, on average, 70.29% lower than in New York.
Moving to New Mexico
Things to Know When Moving To New Mexico
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