In this article, we take a look at the best places to retire in New Mexico.
Retirement in New Mexico
At face value, New Mexico isn’t exactly the best state to retire in. Studies show that the state consistently ranks as one of the worst in terms of alcohol and drug-related deaths. The state ranks 43rd on the emotional and physical well-being scale and had a violent crime rate of 780.5 per 100,000 people in 2022, making it the most dangerous state in the US. Despite this, data from U-Haul Holding Company (NYSE: UHAL) revealed that New Mexico ranked fairly high as one of the top growth states where people are moving to. U-Haul Holding Company (NYSE: UHAL) calculated these growth states by each state’s net gain (or loss) of one-way equipment from customer transactions in 2023. According to U-Haul Holding Company (NYSE: UHAL), New Mexico was outranked by neighboring states such as Texas, Arizona, and Colorado. However, it still managed to be ranked 16th overall among US states, indicating that the perception that New Mexico is a bad place to retire might not be true.
One of the pros of retiring in New Mexico is its weather. Residents can expect plenty of sunny days each year, along with chilly winters. Its warm climate provides the perfect weather for residents to explore its rich cultural heritage and numerous national parks. Its abundance of nature and comfortable weather are important reasons why it boasts one of the most active and healthiest populations among all states. In terms of taxes, New Mexico is one of the States That Tax Social Security in 2024. However, all single filers with income under $100,000 and couples with income under $150,000 are exempted from social security taxes. Other forms of retirement income remain taxable, including 401Ks and pensions. However, retirees looking to own their own homes will be glad to know that New Mexico has one of the lowest property taxes in the US.
In addition to a low property tax, home prices in the state are relatively affordable. Redfin Corporation (NASDAQ: RDFN) reports that the current median home price in the US is approximately $439,716. In comparison, the median home price for Redfin Corporation (NASDAQ: RDFN) listings in New Mexico is $358,800. Although there is no sales tax in the state, there is a gross receipts tax levied on businesses that gets passed on to the consumers. Despite this, our IM cost of living index shows that the cost of living in New Mexico is 99.2% of the national average, making it a moderately tax-friendly and affordable retirement destination.
Retirement Financing
To determine whether New Mexico is the right retirement destination, one must consider various factors, one of which is retirement financing. Our article on Best Small Towns to Retire highlights that in addition to saving accounts like 401(k)s & IRAs, investing in stocks is an effective strategy for building a nest egg. In addition, BlackRock, Inc. (NYSE: BLK) claims that individuals can achieve a 22% increase in retirement spending when they embed guaranteed retirement income solutions into a target date fund.
BlackRock, Inc. (NYSE: BLK) recently launched its LifePath Paycheck solution which offers a guaranteed retirement income using an investment strategy that is tailored to a target retirement date. The solution was launched in late April, just weeks after CEO and Chairman, Larry Fink, warned of an impending retirement crisis in the company’s annual chairman’s letter to its investors. With the rollout of its LifePath Paycheck, BlackRock, Inc. (NYSE: BLK) aims to revolutionize retirement planning and cement its place as the world’s largest asset management firm.
Last month, BlackRock, Inc. (NYSE: BLK) declared a quarterly cash dividend of $5.10 per share of common stock which would be paid on the 24th of June. This was announced following an impressive Q1 performance in which the company generated an 11% YoY increase in revenue and long-term net inflows of $76 billion. The increase in revenue was spurred by a $1.4 trillion increase in AUM volume to a record $10.5 trillion, driven by consistent organic growth and positive market movements.
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Conversely, you might be wondering if New Mexico is a good state for retirees or what is the nicest area to live in New Mexico as a retiree. Join us as we look at some safe, budget-friendly, and comfortable cities that we recommend as the best places to retire in New Mexico. You may also find our articles on nearby states such as Utah, Oklahoma, and Colorado to be extremely insightful.
15 Best Places to Retire in New Mexico
Methodology
To develop our list of the best places to retire in New Mexico, we initially picked out the most recommended places to retire in New Mexico on the internet. We used 10+ sources, such as our own lists, and external sources such as NASDAQ and Movoto to develop a shortlist. Further research was narrowed down to these places only.
Among these best places to retire in New Mexico, we developed a scorecard using metrics such as livability scores, air & water quality, cost of living, median rent, and median home prices. Livability scores were sourced from Area Vibes while median rent and median home prices were obtained from Zillow Group, Inc. (NASDAQ: Z) and Redfin Corporation (NASDAQ: RDFN) respectively. By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen as the best places to retire in New Mexico.
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Here are the 15 Best Places to Retire in New Mexico.
15. Rio Rancho
Insider Monkey Score: 21.33
Livability Score: 69
Median Home Price: $377,000
Average Rent: $2,200
IM Cost of Living: 93.0
IM Air & Water Quality Score: 71
Rio Rancho is located just 30 minutes North of Albuquerque. Although its cost of living and housing is more expensive than most of the state, Rio Rancho it is home to several assisted living facilities and affordable retirement communities.
14. Albuquerque
Insider Monkey Score: 21.60
Livability Score: 72
Median Home Price: $352,000
Average Rent: $1,642
IM Cost of Living: 93.0
IM Air & Water Quality Score: 60
Albuquerque is one of the best places to retire in New Mexico in terms of healthcare. The greater Albuquerque area is home to three healthcare systems, eight hospitals, and numerous primary care facilities, most of which are within driving range of the city.
13. Tucumcari
Insider Monkey Score: 21.64
Livability Score: 63
Median Home Price: $230,400
Average Rent: $650
IM Cost of Living: 73.3
IM Air & Water Quality Score: 61
Tucumcari is located in eastern New Mexico, in close proximity to the I-40 highway. It features attractions such as the Mesalands Dinosaur Museum and the New Mexico Route 66 Museum. Apart from its rich history, Tucumcari is extremely affordable, making it one of the best places to retire in New Mexico.
12. Deming
Insider Monkey Score: 22.50
Livability Score: 63
Median Home Price: $200,000
Average Rent: $600
IM Cost of Living: 78.8
IM Air & Water Quality Score: 64
Deming is located in the south of New Mexico just 35 miles from the Mexican border. It is close to popular attractions such as the City of Rocks State Park and the Rockhound State Park. Deming is one of the best places to retire in New Mexico due to its affordability.
11. Espanola
Insider Monkey Score: 22.57
Livability Score: 72
Median Home Price: $210,000
Average Rent: $1,288
IM Cost of Living: 83.2
IM Air & Water Quality Score: 70
Espanola is nestled between the Jemez and Sangre de Cristo Mountain ranges and is one of the most scenic retirement destinations in New Mexico. It features plenty of riverscapes and is home to the Presbyterian Espanola Hospital.
10. Ruidoso
Insider Monkey Score: 22.70
Livability Score: 64
Median Home Price: $332,250
Average Rent: $2,400
IM Cost of Living: 87.5
IM Air & Water Quality Score: 71
Ruidoso is a small settlement in the Sierra Blanca Mountain range. Retirees in Ruidoso are treated to all 4 seasons and have access to excursions such as horse racing, skiing, and casinos. Its many trails and parks provide the perfect destination for a reclusive retirement with plenty of adventure to look forward to.
9. Santa Fe
Insider Monkey Score: 22.73
Livability Score: 74
Median Home Price: $605,000
Average Rent: $2,738
IM Cost of Living: 113
IM Air & Water Quality Score: 80
Sante Fe is the state capital of New Mexico. Although it is the most expensive destination in terms of cost of living, it may be worth investing in if you wish to have access to big city amenities. Santa Fe is famous for hosting Art Santa Fe and houses the Christus St. Vincent Regional Medical Center, one of the best healthcare facilities in the state.
8. White Rock
Insider Monkey Score: 22.99
Livability Score: 80
Median Home Price: $675,000
Average Rent: $2,750
IM Cost of Living: 97.7
IM Air & Water Quality Score: 84
Less than an hour outside of Santa Fe lies White Rock. It is one of the best places to retire in New Mexico for those looking to explore the great outdoors. White Rock offers access to sites such as the Bandelier National Monument, Diablo Canyon, and the White Rock Overlook.
7. Taos
Insider Monkey Score: 23.09
Livability Score: 65
Median Home Price: $542,000
Average Rent: $2,350
IM Cost of Living: 96.0
IM Air & Water Quality Score: 85
Taos is one of the best places to retire in New Mexico on a budget. It is rich in culture and history which is showcased at the Harwood Museum of Arts. Taos also offers access to ski slopes and the Ojo Caliente Hot Springs.
6. Roswell
Insider Monkey Score: 24.35
Livability Score: 74
Median Home Price: $275,000
Average Rent: $1,340
IM Cost of Living: 79.1
IM Air & Water Quality Score: 58
Roswell is an affordable town that offers plenty of access to recreation. It features many small parks within the city as well as access to Bitter Lake and Bottomless Lakes State Park. Aside from its natural beauty, residents can enjoy attractions such as the Roswell Symphony Orchestra or the Bone Springs Art Space.
5. Los Alamos
Insider Monkey Score: 25.69
Livability Score: 81
Median Home Price: $450,000
Average Rent: $2,900
IM Cost of Living: 97.4
IM Air & Water Quality Score: 81
In terms of livability, Los Alamos is the best place to retire in New Mexico. It is steeped in history and recently gained interest following the release of Christopher Nolan’s Oscar-winning blockbuster Oppenheimer. Apart from its historical significance, it is quite close to some of the state’s best ski destinations and is also one of the safest places to retire in New Mexico.