Americans like to live in New Mexico! The state was ranked among the top 10 states for 59.6% inbound migration in 2023. The low cost of living and employment opportunities drew in new residents. The cost of living in the state is 5% less than the national average.
The economy in New Mexico is largely based on oil and gas production and tourism. In Q3 2023, New Mexico experienced a real GDP growth rate of 5.7% per year.
Between 2014 and 2024, employment in New Mexico is projected to grow by 7.7%, adding approximately 65,830 jobs. Furthermore, the Land of Enchantment is also home to several national parks and monuments, including Carlsbad Caverns, Bandelier, and White Sands.
3 Reasons to Live in New Mexico 🏙️
- Affordable Living: The median home price in Mexico is $287,752, comparatively lower than other states.
- Excellent Education System: The state is home to some of the most prestigious institutes, like La Cueva High School, Los Alamos High School, Early College Academy, etc.
- Favorable Climate: Although certain areas experience colder weather, New Mexico generally boasts warm climates, with ~280 days of sunshine annually.
Best Places to Live in New Mexico
| # | City | Population | Median Home Price | Monthly Expenses | Unemployment Rate | Community Well-Being Score |
|---|---|---|---|---|---|---|
| 1. | Los Alamos | 13,460 | $521,127 | $9,246 | 2.10% | 75/100 |
| 2. | Rio Rancho | 112,358 | $329203 | $8,606 | 3.5% | 49/100 |
| 3. | Roswell | 93,596 | $607,518 | $7,736 | 3.70% | 49/100 |
| 4. | Corrales | 8,355 | $666,458 | $8,606 | 3.6% | 49/100 |
| 5. | Silver City | 9,356 | $215657 | $7,666 | 3.20% | 39/100 |
| 6. | Santa Fe | 90,420 | $184,325 | $8,312 | 3.20% | 58/100 |
| 7. | Taos | 34,340 | $442,038 | $8,263 | 4.50% | 43/100 |
1. Los Alamos
| Home Value | ⬆️ 9.7% |
| Median Income | $161,532 |
| Monthly Expenses | $9,246 |
| Unemployment Rate | 2.10% |
Los Alamos is one of the best places to live in New Mexico. It is well-known for Los Alamos National Laboratory (LANL), one of the world’s top research facilities. The median home price in Los Alamos is $522,086.
The cost of living in the city is 3% higher than the national average. Moreover, Atomic City is famous for being the birthplace of the world’s first atomic bomb.
» Homes for Sale in Los Alamos, NM: View thousands of properties for sale in Los Alamos.
2. Rio Rancho
| Home Value | ⬆️ 6.6% |
| Median Income | $96,302 |
| Monthly Expenses | $8,606 |
| Unemployment Rate | 3.5% |
Rio Rancho is one of the best cities to live in New Mexico. The median household price is $332,081. It is also the safest city to live in, and the crime rate is 29% lower than the national average.
Over the past year, Rio Rancho has experienced a 3.4% increase in the job market. Some of the best companies are Insight Lightning, UNM SRMC, etc.
» Homes for Sale in Rio Rancho, NM: Find your dream home in the City of Vision.
3. Roswell
| Home Value | ⬇️ 6.9% |
| Median Income | $46,034 |
| Monthly Expenses | $7,736 |
| Unemployment Rate | 3.70% |
Roswell is situated in southeastern New Mexico. The average cost of living in Roswell is $1845. It provides a wide range of cultural and recreational activities for both locals and tourists.
The city is home to numerous theaters and museums like the Roswell Museum, Anderson Museum of Contemporary Art, etc. Also, there are some of the best public schools located, such as Goddard High School, Military Heights Elementary School, and Early College High School.
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4. Corrales
| Home Value | ⬆️ 6.8% |
| Median Income | $93,899 |
| Monthly Expenses | $8,606 |
| Unemployment Rate | 3.6% |
The median household income in Corrales is $93,899. The main pillars of Corrales’ economy are small enterprises, tourism, and agriculture.
The town is well-known for its orchards and vineyards. If you are an outdoor enthusiast, you can go horseback riding or enjoy birdwatching in nearby wildlife refuges. Moreover, it is home to the top-ranked private school, Sandia View Academy.
» Homes for Sale in Corrales, NM: Find your dream home in one of the best places in New Mexico.
5. Silver City
| Home Value | ⬇️ 3.2% |
| Median Income | $77,527 |
| Monthly Expenses | $7,666 |
| Unemployment Rate | 3.20% |
The average home price in Silver City is $217,000, which is 35.8% less than the national average. The city boasts a charming historic downtown district with well-preserved Victorian-era architecture.
The cost of living is 6% less than the national average. Silver City is home to numerous galleries and studios. In addition, it hosts various cultural events throughout the year, such as the Tour of the Gila and the Continental Divide Trail Fest.
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6. Santa Fe
| Home Value | ⬆️ 3.7% |
| Median Income | $61,990 |
| Monthly Expenses | $8,312 |
| Unemployment Rate | 3.20% |
Santa Fe is one of the oldest cities in the state, with a rich and colorful history. The average property value in Santa Fe is $559,380. The city celebrates its cultural heritage all year with several festivals and events.
Some of the worth visits in the city include Santa Fe Opera, Santa Fe Indian Market, and Santa Fe International Folk Art Marke
Homes for Sale in Santa Fe, NM: View the best properties for sale in this artistic city.
7. Taos
| Home Value | ⬇️ 7.6% |
| Median Income | $49,481 |
| Monthly Expenses | $8,263 |
| Unemployment Rate | 4.50% |
Taos is renowned for its unique adobe architecture, which consists of earth-toned structures with rounded edges and flat roofs. The average cost of living in Taos is $2332.
In addition, there are various tourist attractions in the city, such as Taos Pueblo, Kit Carson Home & Museum, Taos Ski Valley, etc. Moreover, Taos experienced a 2.6% rise in the job market in 2023, with a projected 30.2% growth expected over the next decade.
» Homes for Sale in Taos, NM: View the best properties in Taos.
Best Places to Live in New Mexico for Young Adults
Here are the best places to live in New Mexico for young adults:
- Albuquerque: In January 2024, the average hourly salary for employees in Albuquerque is $63,750. Some of the major employers in the city are Presbyterian Healthcare Services, PNM Resources, Ernest Health, etc.
- North Valley: The typical income in North Valley is $19.61 per hour or $40,788 per year. The city is home to a wide range of industries, including healthcare, education, technology, tourism, and manufacturing, that provide employment opportunities.
Bottom Line
NM is one of the best places to live in the US due to its low cost of living and pleasant climate. Other things that contribute are its excellent education system and low crime rate.
New Mexico has a 5% cheaper cost of living than the rest of the country. The cost of utilities is 10% cheaper, and the cost of housing is 8% less than the national average. The state offers numerous attractive places to live, each with its unique charm and appeal.
The Land of Enchantment offers diverse experiences. From scenic beauty and outdoor adventures to historic and culturally rich cities like Santa Fe and Taos. To start your home search, browse properties online.
» Free Home Value Estimator: Get an estimate of property values with New Mexico’s most accurate home value estimator.
Find Homes For Sale by Type and Style in NM
Research Methodology
We considered different regions to rank the best places in New Mexico. The comparison criteria for the best cities to live in New Mexico and the information sources are as follows:
- Population: New Mexico Demographics Report [1]
- Median Home Price: Zillow[2] and Redfin[3]
- Median Household Income: United States Census Bureau[4]
- Monthly Expenses: Economic Policy Institute[5]
- Unemployment Rate: US Bureau of Labor Statistics[6]
- Community Well-Being Score: Community Well-Being Index by Sharecare[7]
Additionally, we have listed the best cities to live in New Mexico for varying demographics. These include the best places to live for families, young adults, retirees, and working professionals.
Frequently Asked Questions
What are the cheapest places to live in New Mexico?
Some of the cheapest places to live in New Mexico are Roswell, Portales, Deming, etc.
What are the best places to live in New Mexico for retirees?
The best places to live in New Mexico for retirees are Silver City, Santa Fe, Taos, Roswell, etc.
Is it expensive to live in the best cities in New Mexico?
The cost of living in different parts of New Mexico can vary. Smaller towns and rural areas of the state offer more affordable options. However, some areas, like Santa Fe and parts of Albuquerque, may have a higher cost of living.
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