The Best Places to Live in New Mexico: A Comprehensive Guide

A state with a wealth of natural beauty, culture, and history is New Mexico. There are several different ethnic groups living in the state, including Caucasians, Hispanics, and Native Americans. The arts, cuisine, and music are also well-known in New Mexico. However, there are a number of things to take into account while deciding where in New Mexico to live.

The cost of living in New Mexico is the most important factor to take into account when deciding where to live. New Mexico has a lower cost of living than the rest of the country. The cost of living in New Mexico is 1.84% less than the national average, according to statistics from Numbeo. This implies that you may live comfortably in New Mexico while yet having a high quality of life.

The job market in New Mexico is a crucial aspect to take into account when deciding where to live. The state’s economy is broad, with sectors like oil and gas, tourism, healthcare, and education. New Mexico has an unemployment rate of 8.2%, which is higher than the 6% national average. Albuquerque, Las Cruces, and Santa Fe are just a few of the places in New Mexico with a robust job market.

In terms of taxes, the state income tax rate in New Mexico ranges from 1.7% to 4.9%. The amount you pay is based on your income. You don’t have to pay any state income tax, for instance, if your income is less than $5,500. 1.7% of your income is taxed if it is between $5,501 and $11,000. You pay a tax rate of 3.2% if your income is between $11,001 and $16,000. You pay a tax rate of 4.7% if your income is between $16,001 and $20,000 per year. You pay a 4.9% tax rate if your income is over $20,000.

New Mexico’s hourly minimum wage is $10.50. The federal minimum wage is $7.25 per hour, whereas the state’s minimum pay is greater. In New Mexico, the minimum wage is expected to rise to $11.50 an hour in 2022.

New Mexico doesn’t impose a special tax on candy in terms of taxes. Candy is, however, chargeable to the state’s gross receipts tax, a commercial tax. In New Mexico, the gross receipts tax rate ranges from 5.125% to 8.6875%.

Last but not least, tornadoes do occur in New Mexico after natural disasters. Ten tornadoes on average occur in the state each year. However, compared to other states like Oklahoma and Texas, tornadoes in New Mexico tend to be weaker and less common.

To sum up, New Mexico is a state that provides a great quality of life at a reasonable price. You should take into account aspects like the cost of living, employment market, taxes, and natural disasters when deciding where in New Mexico to live. Albuquerque, Las Cruces, and Santa Fe are a few of the best places to reside in New Mexico.