Tags: Retirement | US State Facts | retirement | New Mexico | affordable places

Most Affordable Places for Retirees in New Mexico

By    |   Sunday, 22 Nov 2015 12:03 PM

New Mexico has earned a reputation for being a melting pot, a place where various cultures come together. It’s also known for its vast desert terrain, colorful skies and moderate climate. During the past several years, the state known as the Land of Enchantment has also become a popular destination spot for retirees. The recent increases in population and property value in neighboring Arizona have led some seniors to turn to New Mexico for retirement.

A lower cost of living is one advantage of retiring in New Mexico. The cost of living is 3.1 percent lower than the national average, MarketWatch reported. Also, the average home sells for about $151,900 and the state income tax is just 4.9 percent.

Here are some of the state's most affordable places.

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1. Albuquerque
U.S. News suggested that Albuquerque, New Mexico is one such place where seniors can retire on Social Security income alone. Renters pay an average of $686 per month, while “homeowners age 65 and older pay a median of $1,078 per month if they have a mortgage and just $368 monthly if they have paid off the mortgage.”

2. Farmington
Farmington is another location in New Mexico that is gaining in popularity, most likely because of the low median prices for property. Movoto.com noted that: “[With] a median household income of $49,705 ... and with a high median rent price of $718, it is clear that this area is desirable.”

3. Artesia
Another affordable area is Artesia for many of the same reasons as Farmington. The city is small; only 11,000 people live there. The cost of living overall is much lower than the national average, and the unemployment rate tops out at 3.8 percent, Movoto noted.

4. Las Cruces
Las Cruces is a city that is becoming a “retirement dream town” according to AARP Magazine. This is not only because of the outstanding weather, but the fact that it’s an affordable area. The median household income is approximately $37,000 and there are plenty of residents aged 65 and older.

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New Mexico is proving to be an enchanting destination, and perhaps an even more financially beneficial choice for retirees than either Florida or Arizona. There are a number of pros that may just outweigh any cons and provide a practical and enjoyable choice for retirees.

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New Mexico is known for vast its desert terrain, colorful skies and moderate climate. During the past several years, the state known as the Land of Enchantment has also become a popular destination spot for retirees.
retirement, New Mexico, affordable places
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2015-03-22
Sunday, 22 Nov 2015 12:03 PM
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