New Mexico is known by the nickname, “Land of Enchantment.” And there’s a lot to be enchanted by. The state is known for its vast desert terrain, colorful skies, and moderate climate. It’s also earned a reputation for being a place where various cultures can come together.
Over the past several years, New Mexico has also become a popular destination spot for retirement, due in part to the recent increases in population and property value in neighboring Arizona. Seniors are now flocking to New Mexico to take advantage of all the financial advantages the state has to offer. Arizona’s saturation point is turning into New Mexico’s gain.
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MarketWatch suggests that the lower cost of living in New Mexico is one such advantage to retiring there. The cost of living is 3.1 percent lower than the national average. Also, the average home sells for just about $151,900 and the state income tax is just 4.9 percent.
MyMove.com had this to say about the cost of living in New Mexico: “In the third quarter of 2011, New Mexico ranked 21st on the list of states with the highest cost of living, [but] it’s interesting to note that property taxes here are lower than all but two other states, which is one of the reasons many retirees purchase homes here.”
It’s possible to take advantage of even lower costs of living in specific parts of the state. For instance,
U.S. News and World Report suggests that in Albuquerque, New Mexico's largest city, seniors can retire on less than $40,000, even on Social Security income alone.
Meanwhile, folks living in the southern New Mexico city of Las Cruces can expect to enjoy a cost of living that is 8 percent below the national average,
according to a 2014 Forbes list of the 25 best places to retire.
Finally, places like Artesia and Carlsbad rank among the least expensive places to live in New Mexico. This is, in part, due to smaller populations and lower median incomes. Also, there is low crime rate and unemployment in both cities,
according to Movoto.
People making their retirement plans should certainly give New Mexico a second thought. It is proving to be an “enchanting” destination, and perhaps an even more financially beneficial choice 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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