The income needed to live comfortably in New Mexico is $42,445. 50% of this is for necessities, 30% is for discretionary spending, and 20% is for savings. According to Living Wage, a single person with no children can live off of $13.97 per hour in Mexico, or $26,880 a year.
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What is a livable salary in New Mexico?
Living Wage Calculation for Bernalillo County, New Mexico
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $13.87 | $19.78 |
| Poverty Wage | $6.13 | $6.30 |
| Minimum Wage | $9.00 | $9.00 |
What is a good salary in New Mexico?
Average Salary in Albuquerque, NM
| Annual Salary | Monthly Pay | |
|---|---|---|
| Top Earners | $80,876 | $6,739 |
| 75th Percentile | $66,498 | $5,541 |
| Average | $64,351 | $5,362 |
| 25th Percentile | $44,481 | $3,706 |
What is the average cost to live in New Mexico?
Our cost of living indices are based on a US average of 100. An amount below 100 means New Mexico is cheaper than the US average.
New Mexico cost of living is 88.4.
| COST OF LIVING | New Mexico | United States |
|---|---|---|
| Health | 82.6 | 100 |
| Housing | 83.6 | 100 |
| Median Home Cost | $246,000 | $291,700 |
| Utilities | 100.4 | 100 |
Is New Mexico expensive to live?
Low Cost of Living
New Mexico is renowned for its low cost of living, about 3.1% lower than the national average. The average home in New Mexico costs roughly $151,000.
Is it cheaper to live in New Mexico or Texas?
Cost of Living
New Mexico and Texas are both affordable places to live compared to the national average. However, cost of living is 5% higher in Texas, where larger cities and more expensive houses contribute to higher prices in almost every category.
Is moving to New Mexico a good idea?
People love living there for the low unemployment rate, reasonable cost of living, and stunning views. You can find an entire list of the best towns in NM to live in here. What are the most unique things to do in New Mexico?
What is upper class salary?
What Is a Middle-Class Income?
| Income group | Income |
|---|---|
| Lower-middle class | $32,048 – $53,413 |
| Middle class | $53,413 – $106,827 |
| Upper-middle class | $106,827 – $373,894 |
| Rich | $373,894 and up |
What are the highest paying jobs in New Mexico?
Detailed List Of Highest Paying Jobs In New Mexico
| Rank | Job Title | Average Salary |
|---|---|---|
| 1 | Owner/operator | $169,619 |
| 2 | Emergency Medicine Specialist | $163,285 |
| 3 | Family Practitioner | $158,209 |
| 4 | Clinical Physician Assistant | $147,158 |
How much do you need to live comfortably in Albuquerque?
50 percent for necessities: $21,222. 30 percent for discretionary spending: $12,734. 20 percent for savings: $8,489. Income needed to live comfortably: $42,445 (down $1,450 from 2016)
Why is housing so expensive in New Mexico?
The price of rent in New Mexico has been steadily increasing for decades due to high demand and fewer and fewer vacancies. Now, low income residents are struggling to keep up with more expensive rental rates and the ongoing pandemic is only making matters worse.
Is it cheaper to live in Albuquerque or Santa Fe?
Santa Fe is 26.7% more expensive than Albuquerque. Santa Fe housing costs are 86.9% more expensive than Albuquerque housing costs. Health related expenses are 1.2% more in Santa Fe.
What are the pros and cons of living in New Mexico?
Then consider these pros and cons of living in New Mexico before you do:
- Rich in culture.
- Good food and wine.
- Plenty of recreational options.
- An abundance of natural beauty.
- Low cost of living.
- Lackluster economy and job opportunities.
- Poor quality K-12 education system.
- Bad roads.
Where in New Mexico should you not live?
Here Are The 10 Most Dangerous Towns In New Mexico To Live In
- Roswell (population 48,623) Flickr/Clinton Steeds.
- Hobbs (population 34,543) Flickr/Chuck Coker.
- Albuquerque (population 553,684)
- Silver City (10,285)
- Socorro (population 9069)
- Taos (population 5722)
- Farmington (population 45,328)
- Artesia (population 11,389)
What is the most affordable place to live in New Mexico?
Rio Rancho is among the most affordable places to live in New Mexico for families because of the availability of decent schools, libraries, sports facilities, nature trails, and parks.
Is New Mexico the poorest state?
New Mexico
New Mexico tops the five poorest U.S. states. New Mexico’s median household income is $51,945, and its poverty rate is 18.2%, the third-highest in the country.
Does it snow in Albuquerque New Mexico?
The US average is 28 inches of snow per year.
Climate Averages.
| Albuquerque, New Mexico | United States | |
|---|---|---|
| Snowfall | 10.6 in. | 27.8 in. |
| Precipitation | 57.4 days | 106.2 days |
| Sunny | 280 days | 205 days |
| Avg. July High | 91.8° | 85.8° |
Is it better to retire in Texas or New Mexico?
Also in 2018, US News and World Report ranked New Mexico as the eighth best state for quality of life.By the way, WalletHub ranked Texas as the 17th best state to retire. It ranked third in affordability, but like New Mexico, ranked in the bottom third for quality of life and health care.
What is state income tax in New Mexico?
For tax year 2020, that means single filers can claim a standard deduction of $12,400 and joint filers can claim a standard deduction of $24,800.
Income Tax Brackets.
| Single Filers | |
|---|---|
| New Mexico Taxable Income | Rate |
| $5,500 – $11,000 | 3.20% |
| $11,000 – $16,000 | 4.70% |
| $16,000+ | 4.90% |
Is New Mexico on a fault line?
Thousands of faults are found in New Mexico but only a handful of them have ruptured in the geologically recent past, during the Quaternary Period or during the past 2,600,000 years.Santa Clara fault near Española.
What is the safest city in New Mexico?
Los Alamos
New Mexico’s safest city is Los Alamos, earning a very high 0.98 Safety Index score that dwarfs those of every other community in the state.
Safest Cities in New Mexico, 2019.
| Rank | City | Safety Index |
|---|---|---|
| 1 | Los Alamos | 0.98 |
| 2 | Portales | -0.02 |
| 3 | Alamogordo | -0.07 |
| 4 | Santa Fe | -0.17 |
