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 criticisms of using the cost of living index as a measure of economic health is that it does not take into account the overall quality of life in a given location. While low cost of living can make a state attractive to individuals and families seeking affordable housing and goods, it does not necessarily translate to a high quality of life. Factors like job opportunities, access to education and healthcare, and overall economic stability also play a crucial role in determining the well-being of residents.

Additionally, the cost of living index may not accurately reflect the diverse economic realities present in New Mexico. Different regions within the state may have vastly different costs of living, with rural areas often facing higher costs for essentials like groceries and healthcare due to limited access to services and resources. These discrepancies can make it difficult to draw meaningful conclusions about the overall affordability of living in New Mexico as a whole.

Moreover, the cost of living index does not account for factors like income inequality, racial disparities, and economic segregation, all of which can significantly impact the financial well-being of residents. High living costs coupled with low wages can place undue financial strain on many households, particularly those already vulnerable to economic hardships. In this regard, the cost of living index may only provide a partial picture of the economic challenges facing New Mexico and its residents.

Despite its limitations, the cost of living index can still be a valuable tool for individuals and policymakers to assess affordability and make informed decisions about where to live and work. Understanding the relative costs of living in different areas can help residents plan their budgets and make choices that align with their financial goals. Additionally, policymakers can use the index to identify areas of concern and develop targeted interventions to address specific economic challenges facing communities in New Mexico.

In conclusion, while the cost of living index can provide useful insights into the affordability of basic necessities in New Mexico, its limitations should be taken into consideration when assessing the state’s overall economic health. Factors like quality of life, income inequality, and regional disparities can greatly impact the financial well-being of residents, and a comprehensive approach to measuring economic health is crucial for understanding the complex realities facing the state. By supplementing the cost of living index with additional data and perspectives, we can gain a more nuanced understanding of the economic challenges and opportunities present in New Mexico.

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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