Planning on moving to Land of Enchantment? You’re not alone! More than 72,000 people are moving to New Mexico, making it one of the top 10 states for relocation. New Mexico’s population has hit 2.1 million in 2024.
The Land of Enchantment has a robust job market, with high-profile offices like Intel Corporation and Deloitte. Additionally, the average living cost in New Mexico can be 21% lower than the national average, which appeals to potential movers too.
3 Reasons to Move to New Mexico
New Mexico is one of the favorite relocation destinations for Americans. Here are three reasons to move to NM:
| # | Reasons to Move to NM | Highlights |
|---|---|---|
| 1. | Cost of Living | The average cost of living in New Mexico is 5% lower than the national average. |
| 2. | Employment | The Land of Enchantment employs 765,285 individuals across different sectors in 2024. |
| 3. | Retirement Friendly | New Mexico does not tax Social Security benefits for individuals earning less than $100,000 annually. |
1. Low Cost of Living
The cost of living in New Mexico is 5% lower than the national average. It’s an attractive option compared to southwestern states like California and Arizona, where living costs are 38% and 6% above the national average.
Here’s a breakdown of monthly expenses in New Mexico’s popular cities:
| City | Median Home Price | Median Rent | Public Transport | Utilities | Food |
| Albuquerque | $355,000 | $1,340 | $89 | $211.52 | $582 |
| Santa Fe | $564,000 | $1,801 | $83.7 | $211.52 | $510 |
| Las Cruces | $310,488 | $944 | $43.6 | $128.33 | $543 |
| Alamogordo | $309,000 | $949 | $45.4 | $115.36 | $517 |
2. Employment Opportunities
New Mexico employs 765,285 people in 2024, with a low unemployment rate of 3.7%. Over the past five years, the state’s unemployment rate has decreased by 5.7%.
- Healthcare and Social Assistance: This sector employs 147,145 people and is the largest in the state. It is expected to grow by 24.8% by 2032. Top employers include Presbyterian and MountainView Regional Medical Center.
- Retail Trade: With 114,842 employees, retail trade is a significant industry in New Mexico. It is projected to grow by 7.3% by 2032. Major employers include Chalmers Ford, Thunderbird Supply, and Rio Grande.
- Accommodation and Food Services: This sector employs 90,666 people and is projected to grow by 22% by 2032. Major employers in this sector include Isleta Resort & Casino and Flying Star Cafe.
- Professional and Technical Services: This sector employs 74,448 people and is expected to grow by 16.8% by 2032. Leading employers include Los Alamos National Security LLC, Modrall Sperling, and Daniel B. Stephens & Associates.
3. Retirement-Friendly Environment
New Mexico is an attractive option for retirees due to its favorable tax policies. The state does not tax Social Security benefits for individuals earning less than $100,000 annually or couples earning less than $150,000.
Railroad Retirement benefits are fully exempt, and New Mexico has no estate or inheritance taxes. Retirees aged 65 or older can also apply for a property tax valuation freeze. This can become permanent after 3 years and offer long-term financial relief.
Cost of Moving to New Mexico 💲
There are additional costs involved in moving from one state to another. Here’s a breakdown of costs you may incur while relocating to NM:
1. Moving Costs ≈ $291 to $2,635
Moving to New Mexico involves several costs, including the costs involved in moving your belongings.
- New Mexico movers typically cost $80 per hour. However, this figure depends entirely on your belongings and the distance traveled.
- If you want to DIY your move, renting a truck can be a better option. The average rent of a mid-size moving truck with a load capacity of 4,000-6,000 pounds ranges between $40 and $80 per day.
- 👉 Tip: Moving can be expensive, especially if you are selling your home before you move. In this case, you can use a Flat Fee MLS company to save on listing agent commissions. This way, you can have additional cash when you move to New Mexico.
2. Utility Expenses ≈ $300 to $400 Per Month
Apart from moving and housing costs, you will have to incur utility expenses when migrating to New Mexico.
- When relocating to New Mexico, you must set up utilities like gas, electricity, water, etc. The average cost of utilities in NM is around $362/month.
- You will have to register your vehicle in New Mexico. The first-time registration cost of a passenger vehicle in NM ranges from $27 to $62. The title fee of $6 is included in the registration cost.
3. Housing Costs
Housing costs in the Land of Enchantment can vary depending on your location.
- In popular cities like Albuquerque, Santa Fe, and Las Cruces, the average rent ranges between $900 and $2,000.
- However, if you plan to buy, make sure you find cheap houses for sale in New Mexico in your budget. Popular neighborhoods like Santa Fe have a median home price of $555K. On the other hand, the average cost of a home in small cities like Portales is $132K.
4 Tips for a Seamless Move to New Mexico ✅
Moving to a new place can be tough. Here are some tips to help you make a smooth transition.
- Research Cities and Neighborhoods: It’s important to research the area you want to live in. You must know if your home is in the city or suburbs. Find out where the nearby schools, hospitals, coffee shops, or restaurants are.
- Find the Living Costs: Your living costs will change once you migrate. Before moving to NM, get an estimate of the basic living expenses in your desired location.
- Visit the Neighborhood: Once you’ve decided where you want to live. You must visit that New Mexico neighborhood in person and see what you feel about the area.
- Meet Your Neighbors: Connect with your neighbors and socialize. Local Facebook groups can be the best way to meet your neighbors.
