Silver City, New Mexico is a small city located near the Gila National Forest in Grant County. It has a population of approximately 10,000 people and is known for its scenic landscapes and desert foliage. The cost of living in Silver City is significantly lower than the national average, with an average two-bedroom rent at $810 versus $1,430 nationally. The local grocery cost index is also much lower than the US index; it is 94 versus 100 in the US.
Local companies in Silver City include Grant County Community Health Council, Mountain View Regional Medical Center, BBVA Compass Bank and Silver Consolidated Schools. Economic activity in the city includes mining operations to extract minerals such as copper, iron ore and molybdenum from local deposits as well as tourism related to its natural beauty. Silver City also has a vibrant art scene that attracts visitors from around the area to experience its galleries and festivals throughout the year.
Silver City has an unemployment rate of 8.2%. The US average is 6.0%.
Silver City has seen the job market increase by 1.2% over the last year. Future job growth over the next ten years is predicted to be 21.4%, which is lower than the US average of 33.5%.
Tax Rates for Silver City
- The Sales Tax Rate for Silver City is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Silver City is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Silver City
- The average income of a Silver City resident is $22,360 a year. The US average is $28,555 a year.
- The Median household income of a Silver City resident is $31,451 a year. The US average is $69,021 a year.