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Destination Retirement - New Mexico
written by Mike Ballew December 2, 2018
Eggstack

If you are considering relocating to New Mexico, you’ve come to the right place. New Mexico offers a wide variety of terrain including mountains, high plains, river basins, mesas, forests, and desert.

Millions of acres in New Mexico are protected by its six national forests and 20 national parks. In terms of land mass, New Mexico is the 5th largest state. The tiny population of only 2 million make New Mexico the 6th least-populous state. Half the population lives in Albuquerque, the state’s largest city.

The skies over New Mexico are remarkably clear which make it a great place to go star gazing. The state is home to no less than nine astronomical observatories. 

Climate

The arid southern region of New Mexico sees temperatures in the upper 90s during the summer and low 30s in the winter. The northern part of the state is home to the Sangre de Cristo Mountains where summer highs only make it into the 70s and winter lows bottom out in the single digits.

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If you are looking for something in between, the suburbs of Albuquerque might be the place. Summer highs there hit the upper 80s and winter temperatures are in the mid-20s.

Money, money, money, money . . . . Money!

Let’s explore the financial ramifications of relocating to New Mexico. The cost of living in New Mexico is neither high nor low. It’s comparable to the Midwest and Southeast, and less than the West Coast and Northeast. New Mexico has a state income tax ranging from 2 to 5 percent and is one of only 13 states that tax Social Security benefits. Property taxes in New Mexico are less than most states giving it the rank of 13th in the nation.

Crime and Safety

Crime in New Mexico is a major concern. According to U.S. News and World Report, New Mexico ranks dead last in terms of crime safety. In case you are curious, Maine is the safest state. 

Crime statistics on a statewide level do not tell the whole story. Crime is typically concentrated in urban areas, so a rural area in the most dangerous state is likely safer than an urban area in the safest state. 

New Mexico

If you like to gamble, you will be pleased to know that New Mexico is home to two dozen casinos. Plus, Las Vegas is only a ninety-minute flight from Albuquerque. AMC's drama series Breaking Bad was set in Albuquerque. Walt and Skyler’s house is a real place, though we don’t recommend trying to get a selfie in the front yard. The current owners frown on that sort of thing.

New Mexico is a beautiful state, don’t let the statistics throw you. As long as you steer clear of Santa Fe and Albuquerque, you will find plenty of great places to live. Let’s look at a couple of examples.

Chimayó

If you like mountains and cool climates, plan a visit to the little town of Chimayó. Nestled in the foothills of the Sangre de Cristo Mountains, this little town is about 40 minutes north of Santa Fe. With a population of only 3,000, Budget Travel declared Chimayó one of the Most Beautiful Towns in the World. This peaceful community is known for traditional weaving which can be found at local shops and galleries.

Silver City

If you find a desert climate more your style, check out Silver City in the southern part of the state. This charming community of 10,000 was named one of the country’s 10 Coolest Small Towns by Budget Travel. Silver City is situated 4 hours south of Albuquerque, 3 hours east of Tucson, and 2 hours north of the border. Silver City was founded back in the 1800s when miners flooded the area in search of silver. The town has a thriving arts scene and a historic district with numerous shops and restaurants.

Photo credit: Pixabay Eggstack News will never post an article influenced by an outside company or advertiser. Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future.
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MIKE BALLEW
Financial Planning Association member, engineer, author, and founder at Eggstack.