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 major factors that affect the cost of living in New Mexico is housing. For many people, finding an affordable place to live can be a challenge. With rental prices on the rise, especially in urban areas like Albuquerque and Santa Fe, many families are finding it difficult to keep up. However, compared to other states in the country, New Mexico still offers relatively reasonable housing options.

Groceries and utilities are also major contributors to the cost of living in New Mexico. The prices of basic necessities like food and electricity may vary depending on where you live in the state. Rural areas tend to have higher prices due to the distance goods have to travel to reach those areas. This can be particularly challenging for low-income families who already struggle to make ends meet.

Transportation is another important factor to consider when assessing the cost of living in New Mexico. With vast distances between cities and limited public transportation options, owning a car is a necessity for many residents. Gas prices can fluctuate, contributing to the overall cost of getting around. Additionally, the state’s rural nature means that maintaining a vehicle can be pricey, especially if you have to travel long distances for work or other commitments.

Despite the challenges that come with the cost of living in New Mexico, there are also benefits to consider. The state’s natural beauty and cultural attractions make it a desirable place to live for many people. From exploring the wilderness of the Gila National Forest to attending vibrant art festivals in Taos, there is no shortage of activities to enjoy in the Land of Enchantment.

Moreover, New Mexico offers a lower overall tax burden compared to other states, which can help offset some of the higher costs associated with living here. The state also boasts a lower cost of healthcare compared to the national average, making it an attractive option for retirees and those in need of medical services.

In conclusion, the cost of living in New Mexico is a complex issue that requires careful consideration. While there are certainly challenges to living in the state, there are also unique benefits that draw people in. By understanding the factors that contribute to the cost of living and finding ways to mitigate expenses, residents and newcomers alike can enjoy all that New Mexico has to offer.

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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