New Mexico Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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New Mexico Cost Of Living Statistics 2023: Facts about Cost Of Living in New Mexico reflect the current socio-economic condition of the state.

new-mexico

LLCBuddy editorial team did hours of research, collected all important statistics on New Mexico Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a New Mexico LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will New Mexico Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top New Mexico Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 7 New Mexico Cost Of Living Statistics on this page 🙂

New Mexico Cost Of Living “Latest” Statistics

  • Gas prices and bus tickets are 8% less than the national average for both types of transportation costs.[1]
  • The cost of housing in New Mexico is 16% less than the national average.[2]

New Mexico Cost Of Living “Price” Statistics

  • Sunland Park has a 7.6% unemployment rate, yet those who are working struggle with low family incomes and plummeting property prices.[3]
  • In Santa Fe, the average selling price of a single-family house climbed by 10.7% in 2020 compared to 2019.[2]
  • Given that their median house price is 5% less than the national average and is only at $187,00, New Mexico can brag about having some of the lowest home prices in the country.[3]

New Mexico Cost Of Living “Living” Statistics

  • Living expenses are somewhat higher in Albuquerque than the national average since the average there is 7.5% lower.[2]

New Mexico Cost Of Living “Other” Statistics

  • More than half of New Mexico’s population aged 60 and older is a person of color, the fourth highest proportion in the nation and much higher than the 27.6% average for the whole us.[4]

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How Useful is New Mexico Cost of Living

One of the main factors that contributes to the high cost of living in New Mexico is housing. Whether you’re looking to buy or rent, housing prices can be steep, especially in popular areas like Santa Fe or Taos. Add in utilities, property taxes, and homeowners association fees, and the price of housing can quickly become overwhelming for many residents. This can be especially challenging for lower-income families or those on fixed incomes.

Another aspect of the cost of living in New Mexico is the price of groceries and everyday items. While the state does offer a lower sales tax rate compared to other states, the cost of food and goods can still be higher than average. This can pose a challenge for families trying to make ends meet or individuals on a tight budget.

Healthcare is another area where the cost of living in New Mexico can be felt. With an older population and more rural areas, access to affordable and quality healthcare can be limited. This can result in higher medical bills for residents who may have to travel long distances to receive the care they need.

Transportation costs are also something to consider when looking at the overall cost of living in New Mexico. Public transportation options are limited, especially in more rural areas, meaning residents may have to rely on their own vehicles to get around. This can result in higher gas prices, maintenance costs, and insurance premiums, all of which can add up over time.

While the cost of living in New Mexico may be high in certain areas, it’s important to remember that the state offers a wide range of benefits that can outweigh these challenges. With its diverse landscapes, outdoor activities, and vibrant arts and culture scene, New Mexico offers a quality of life that is hard to find elsewhere.

However, it’s crucial for policymakers to address the issue of affordability and make efforts to ensure that all residents can access the basic necessities they need to thrive. This could include exploring affordable housing options, expanding healthcare access, and investing in public transportation infrastructure.

In conclusion, while the cost of living in New Mexico may pose challenges for residents, the state’s unique offerings and quality of life make it a desirable place to call home. By addressing affordability issues and making strategic investments, New Mexico can continue to be a place where people from all walks of life can thrive and flourish.

Reference


  1. payscale – https://www.payscale.com/cost-of-living-calculator/New-Mexico-Albuquerque
  2. upnest – https://www.upnest.com/1/post/cost-of-living-new-mexico/
  3. californiamoversusa – https://californiamoversusa.com/resources/moving-to-new-mexico/
  4. seniorliving – https://www.seniorliving.org/new-mexico/

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