Yahoo Finance The Best Place to Retire in New Mexico
We recently compiled a list of 15 Best Places to Retire in New Mexico and in this article, we will talk about the Best Place 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.
Best Place 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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Our methodology revealed that Silver City is the best place to retire in New Mexico.
1. Silver City
Insider Monkey Score: 29.84
Livability Score: 76
Median Home Price: $257,000
Average Rent: $975
IM Cost of Living: 82.1
IM Air & Water Quality Score: 79
Silver City is located approximately 50 miles east of the Arizona - New Mexico state border, and approximately 70 miles north of the US - Mexico national border. Although not the most affordable destination on our list, the cost of living in the city is well below the state average and 82.1% of the national average. Moreover, with a median home price of $257K, owning a home is comparatively affordable. Apart from its affordability, it is the perfect destination to enrich your retirement with nature. The Gila National Forest creates the perfect backdrop for residents to immerse themselves amidst lakes, springs, and wildlife. Moreover, the town center features several art galleries and museums, meaning there is an abundance of excursions to enrich your golden years.
Check out our complete list of best places to retire in New Mexico.
At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire in New Mexico to the best AI travel apps; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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