Planning a move to New Mexico?

Mulling over a move to New Mexico? To help you with your decision, we’ve gathered the following info on the 5th largest state (121,589 sq. mi.) and 37th most populated state (2.1 million) in America.

Pros and Cons of Living in New Mexico

Pros:

• Cost of living: According to the Cheapest States to Live in 2019 by World Population Review, New Mexico ranks as the 5th most affordable state in terms of utilities, transportation, and more.
• Housing prices: With a median home value of less than $200,000, the housing market is very hot. This budget-friendly market is particularly attractive for newcomers from costly states like California and Maryland.
• 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.
• Warm weather: Though certain areas get colder weather and snow (especially in the northern mountains), the climate is generally warm and dry with nearly 280 days of sunshine.
• Rich history: New Mexico is steeped in a history that’s older than the United States. Santa Fe is the oldest state capital, and the state is also known as the birthplace of the American cowboy.
• Diverse culture: Along with Native American culture and influence, there is a unique melting pot of ethnicities, including African American, Asian, Middle Eastern, Latino, and Hispanic cultures.
• Recreation & arts: Simply put, the state is a nature lover’s mecca. It offers hiking, rafting, cycling, skiing, climbing, the list goes on. Plus, it has a thriving arts scene – home of Georgia O’Keefe!

Cons:

• Economy: The reality is, New Mexico’s economy is toward the bottom of the pile. Ranked #47 by US News & World Report, there is high unemployment and stagnant growth.
• Crime rate: Along with the state having an overall high rate of violent crimes and property crimes, Albuquerque ranks as one of the most dangerous cities in America.
• Education: At 71%, NM has the lowest high-school graduation rate in the nation. Public-school spending is the 17th lowest at just under $10,800 per student annually.
• Poverty rate: Hovering around 20% (and tied with Louisiana for second place in the country), over 420,000 residents are considered to be at or below the poverty line.
• Adobe everywhere: This may be a pro in your book, but if not, you’ll need to get used to seeing it everywhere. Love it or hate it, the building material is ideal for the region’s climate.
• Weird laws: Like most other states, New Mexico has its fair share of bizarre laws. For example, it’s illegal to carry your lunch box along Main Street in the city of Las Cruces (though you probably won’t get a citation for this).

Tax Rates

• Property Tax: 0.78%. New Mexico’s effective real-estate tax rate is ranked 17th lowest in the US.
• State Sales Tax: 5.125%. Combined with local taxes, the total ranges from 5.125% to 9.0625%.
• Income Tax: 1.7–4.7%. There are currently four tax brackets in the state of New Mexico.

Housing Market

To Rent or Buy? Overall, it is cheaper to rent rather than buy in New Mexico. Of course, this depends on the location. In Albuquerque, for example, the median mortgage payment is fairly even with the median monthly rent. The housing market is currently very hot across the state.

• Median Home Value: $196,800
• Median Rental Expense: $679 (1BR), $835 (2BR)