Torreon (Torrance Cnty), NM is a small town located in the center of New Mexico. It is known for its rolling hills and picturesque landscape, as well as its unique culture and rich heritage. The local economy consists of a number of businesses, including the popular Torreon Country Club, Torreon Community Church, Torreon Arts Council, and Torreon Senior Living Center.
In terms of living costs in Torreon (Torrance Cnty), NM, rent for a two-bedroom apartment is $940 compared to the US average of $1,430. Likewise, the grocery cost index in Torreon (Torrance Cnty), NM is 90 versus 100 in the US. This indicates that while remaining competitive with national prices overall, it still offers relative affordability to its residents who do not have to worry about paying too much for groceries or rent.
Torreon (Torrance County) has an unemployment rate of 8.8%. The US average is 6.0%.
Torreon (Torrance County) has seen the job market decrease by -8.3% over the last year. Future job growth over the next ten years is predicted to be 28.1%, which is lower than the US average of 33.5%.
Tax Rates for Torreon (Torrance County)
- The Sales Tax Rate for Torreon (Torrance County) is 6.8%. The US average is 7.3%.
- The Income Tax Rate for Torreon (Torrance County) 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 Torreon (Torrance County)
- The average income of a Torreon (Torrance County) resident is $22,825 a year. The US average is $37,638 a year.
- The Median household income of a Torreon (Torrance County) resident is $43,704 a year. The US average is $69,021 a year.