New Mexico State is an ideal place to live for those looking for a low cost of living. The average two bedroom rent in the state is $1,020, which is significantly lower than the US average of $1,430. Additionally, grocery costs are also much lower in New Mexico State with a Grocery Cost Index of 93 compared to 100 in the US. In addition to affordable living costs, New Mexico State has plenty to offer visitors and residents alike. The state is home to many large companies such as Intel and Lovelace Health System that provide employment opportunities for skilled workers. Visitors can explore the beautiful landscapes or enjoy local attractions like Carlsbad Caverns National Park. Residents can indulge in traditional New Mexican cuisine like green chili enchiladas or carne adovada burritos from popular local restaurants like El Parasol and Sadie's. Shopping options range from unique boutiques to huge malls like Coronado Center in Albuquerque.
New Mexico has an unemployment rate of 8.0%. The US average is 6.0%.
New Mexico has seen the job market increase by 2.8% over the last year. Future job growth over the next ten years is predicted to be 29.5%, which is lower than the US average of 33.5%.
Tax Rates for New Mexico
- The Sales Tax Rate for New Mexico is 7.5%. The US average is 7.3%.
- The Income Tax Rate for New Mexico 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 New Mexico
- The average income of a New Mexico resident is $23,948 a year. The US average is $28,555 a year.
- The Median household income of a New Mexico resident is $54,020 a year. The US average is $69,021 a year.