New Mexico Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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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.

Please read the page carefully and don’t miss any words.

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

On the one hand, living in New Mexico has its perks. We have stunning natural landscapes, diverse cultures, and a rich history that make it a unique and desirable place to call home. However, those benefits come with a price tag. The cost of living in New Mexico, particularly in cities like Santa Fe and Albuquerque, can be high compared to other states.

One of the most significant expenses for New Mexicans is housing. The cost of renting or purchasing a home can be a significant burden for many residents, especially in thriving metropolitan areas. Coupled with property taxes, maintenance costs, and utility bills, housing expenses can quickly add up and consume a large portion of an individual or family’s budget.

Additionally, transportation costs in New Mexico can also be a drain on finances. With limited public transportation options, many residents must rely on personal vehicles to get around. This means costs for gas, insurance, maintenance, and vehicle registration can quickly eat into monthly earnings. Long commute times can also exacerbate these expenses, as well as increase the strain on individuals’ work-life balance.

Another aspect of the cost of living to consider in New Mexico is healthcare. Healthcare costs in the state can be high, particularly for those without adequate insurance coverage. The rising costs of medical services, prescriptions, and insurance premiums can put a strain on families, especially those with chronic health conditions or special medical needs. This can lead to difficult decisions about accessing necessary care, or even foregoing treatment altogether due to financial constraints.

When it comes to daily expenses, the state’s overall cost of goods and services may also impact residents’ finances. Grocery costs, dining out, entertainment, and other day-to-day expenditures can vary significantly depending on where you live in New Mexico. Residents in more rural areas may face limited options for goods and services, leading to higher prices or the need to travel further to access basic necessities.

Overall, the New Mexico cost of living can be a double-edged sword. While residents enjoy the many benefits of living in the Land of Enchantment, such as natural beauty and cultural richness, these come with the trade-off of higher expenses in various aspects of daily life. For many, the usefulness of the New Mexico cost of living ultimately comes down to personal circumstances and priorities.

Navigating the cost of living in New Mexico is a balancing act that requires careful budgeting, thoughtful decision-making, and potentially making sacrifices to maintain financial stability. It’s a complex issue that affects individuals and families across the state, and one that warrants ongoing discussion and examination.

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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