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.
What is the average cost of living 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 LIVINGNew MexicoUnited StatesGrocery93.3100Health82.6100Housing83.6100Median Home Cost$246,000$291,7004 more rows
What is a livable wage in New Mexico?
Living Wage Calculation for Bernalillo County, New Mexico1 ADULT2 ADULTS (BOTH WORKING)0 Children2 ChildrenLiving Wage$13.87$19.78Poverty Wage$6.13$6.30Minimum Wage$9.00$9.00
Is New Mexico a good state to live?
A WalletHub study has compared the states on 52 indicators of livability and has determined that New Mexico ranks 50th as 2021s best states to live in. The states were compared across five factors including affordability, economy, education and health, quality of life, and safety.
What city in New Mexico has the lowest cost of living?
The Most Affordable Places To Live In New MexicoRankCityPopulation1Grants9,0362Lovington11,4913Carlsbad29,1584Hobbs38,37529 more rows•9 Jan 2021
What is a good salary in New Mexico?
Average Salary in Albuquerque, NMAnnual SalaryMonthly PayTop Earners$80,876$6,73975th Percentile$66,498$5,541Average$64,351$5,36225th Percentile$44,481$3,706
What is the New Mexico minimum wage?
$10.50 per hour Under the phased increase approach, the 2021 New Mexico minimum wage will increase from $9.00 per hour to $10.50 per hour starting January 1, 2021.
Is New Mexico the worst state to live?
(The Center Square) – New Mexico ranked as the worst state to live in out of all 50 states in an analysis by the consumer finance website Wallethub. The analysis used 52 metrics of livability to determine states ranks for 2021. Out of 50, New Mexico also ranked 48th for its economy and a 47th for its education.
What town in New Mexico has the cheapest rent?
The 5 Most Affordable Cities in New MexicoSanta Fe. Founded by the Spanish in 1610, Santa Fe, which is also the state capital, has a lot of history. Alamogordo. Rio Rancho. Carlsbad. Hobbs.1 Nov 2016
What is considered low income in NM?
Statewide, approximately 47% of households are considered low income, earning less than 80% of Area Median Income (AMI) annually, and more than 29% are very low income, earning less than 50% of AMI annually.
What is the highest paying job in New Mexico?
Detailed List Of Highest Paying Jobs In New MexicoRankJob TitleAverage Salary1General Internal Medicine Physicians$271,2102Psychiatrists$268,2903Obstetricians And Gynecologists$265,5504Surgeons, Except Ophthalmologists$252,46088 more rows•7 Jun 2021
What city in New Mexico has the highest crime rate?
Gallup. Gallups biggest area of concern is the high crime rates, as this city is the most dangerous place to live in New Mexico. It has both the highest property crime rates and the second-highest rates of violent crimes.
Who is the largest employer in New Mexico?
State Profile: Largest Employers#EmployerCity1University NM Board of RegentsAlbuquerque2Sandia CorpAlbuquerque3Optum CareAlbuquerque4Presbyterian HospitalAlbuquerque22 more rows
What is minimum wage in Ruidoso New Mexico?
$10.50 per hour New Mexicos minimum wage rate is $10.50 per hour. The minimum wage for tipped employees is $2.55 per hour.
Is it cheaper to live in Texas or New Mexico?
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.