How much does it cost to live in New Mexico
Home to approximately 2.097 million people, living in New Mexico is less expensive than the rest of the United States on average. According to Bureau of Economic Analysis data, goods and services in the state cost 8.9% less than they do on a national level. New Mexico has the 18th lowest overall cost of living when compared to all other states.
There are four metropolitan areas in New Mexico. The cost of goods and services in the Santa Fe metro region is 2.2 % lower than the national average and 6.7 % more than the statewide average, making it the most expensive in the state
Cost of Living Parameters
Housing & Rent
On average, New Mexican renters pay $828 per month, $195 less than the national average of $1,023. If you want to buy a house in the state, the typical home value is $166,800, which is less than the national median home value of $408,800.
Here are some stats on New Mexico Mortgages:
- Homeownership rate: 68%
- Homeowner vacancy rate: 0.9%
- Rental vacancy rate: 8.05%
Child care in New Mexico is expensive.
The average annual cost of infant care in New Mexico is $8,617—that’s $718 per month. Child care for a 4-year-old costs $7,609, or $634 each month.
Here’s a look at the annual childcare costs from infant to college:
- 4-year-old: $7,609
- School: $8,680
- College: $6,718
Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A New Mexican resident can expect to spend up to $267 per month on apartment utilities on average.
Food & Groceries
A single adult in New Mexico spends an average of $3,082 on food each year, while a family of four spends an average of $8,902. To put things in perspective, a single adult's annual food expenditure is $3,240, while a family of four's annual food cost is $9,354. These figures are based on a nutritionally appropriate diet obtained from a grocery shop and prepared at home.
The average price for eating out would be:
- A basic meal with a drink at an inexpensive restaurant: $15
- Fast Food Combo (Big Mac etc.) : $8.30
- Bottle of Coca-Cola $1.86
- Bottle of Water $1.41
Grocery shopping in the state would cost as follows:
- Milk (1 liter regular) $0.93
- Loaf of Fresh White Bread (500g) $2.80
- Rice (1 Kg) $3.20
- Dozen Eggs $2.64
- 4 Rolls of Toilet Paper $3.39
- Shampoo $7.6
90.2% of commuters in New Mexico drive to work, compared to 85.5% nationwide. The average motorist in the state travels 14,178 miles per year. Taking into account average fuel economy and average gas prices (standard petrol in New Mexico cost an average of $2.03 per gallon in mid-2020), the average New Mexico motorist can expect to spend $1,188 on gas alone in a year.
Other transportation costs, such as car insurance prices, can differ from one state to the next. According to data from Insure.com, the average vehicle insurance rate in New Mexico is $1,275, which is lower than the national average of $1,517. According to EPI data, the average single adult in the state spends $9,746 on transportation each year.
Average Income & Taxes
The average yearly income of a single adult living in New Mexico is $64,905 and the estimated state income tax is $6.222.
Most Expensive New Mexican Cities to Live in
- Santa Fe
- Angel Fire
- Los Lunas
Why is disability insurance important to have in New Mexico?
As shown by the above cost of living study, a steady income is required to live comfortably and worry-free. Whether you work full-time or as a freelancer, getting disability insurance is the first step towards financial stability.
What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds.
Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that 62.1% of bankruptcies were caused by medical issues. Other studies show that over 2 million people are adversely affected by their medical expenses.
If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas as well, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, and that eventually could lead to foreclosure. Half of the foreclosures on conventional mortgages in New Mexico are caused by the disability of one of the homeowners. In fact, the foreclosure rate in New Mexico is one in every 7,237 homes.
A lot of people still think that the need for disability insurance is not top priority, thinking that disability rarely happens, and when it does, it’s only caused by serious accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury?
With that being said, getting a private disability income insurance should be on top of your to-do list because life is unpredictable but your income shouldn’t be.
Does New Mexico have state disability insurance?
Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, New Mexico isn’t one of those states.
Persons with disabilities in New Mexico have many alternatives for collecting disability payments to help them support themselves when they are no longer able to work.
Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are the two federal programs that provide disability compensation. Some applicants may be qualified for both programs at the same time, while others may only be eligible for one or none at all.
According to CDC data, New Mexico has a slightly higher disability rate than the national average, with nearly 28% of people, or approximately 460,355 adults, impacted. Despite having a somewhat better acceptance rate than the national average, New Mexico applicants generally have to wait longer for their hearing date and a final decision following the hearing.
What qualifies as disability in New Mexico?
If you have disability insurance provided by your employer, make sure to double check the criteria in the agreement that qualifies you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:
- You are unable to perform the Substantial and Material Duties of your Regular Occupation as shown on the Schedule and;
- You are under the Regular Care of a Physician appropriate for your disabling Sickness or Injury and;
- There is no reasonable simplified worksite modification(s) that would allow you to perform one or more of the Substantial and Material Duties of your regular job.
How can I easily get disability insurance in New Mexico?
Seeking a private disability insurance policy is the easiest option in New Mexico. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times, so you can go from applicant to insured in no time.
Who qualifies for disability insurance in New Mexico?
Most insurances are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.
At Asteya, we offer 2 types of disability income insurance: Permanent Disability Income Insurance and Sickness & Injury Disability Income Insurance. Please visit asteya.world for more details on the eligibility of our product offering.
How much does disability insurance in New Mexico cost?
Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:
- Permanent Disability Income Insurance: starting at $6.05/month
- Long-Term Disability Income Insurance: starting at is $5/month
The bottom line
On average, living in the state of New Mexico will cost you $1,650 per month, give or take – that’s a lot of expenses! You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with DI.
If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider while thinking about it:
Asteya’s policy is a no brainer, seeing that it is 100% digital. We don't require blood tests or doctor's appointments, unlike other insurers. We'll just ask you a few questions to determine your best policy.
You’ll be all set once your policy is in place! You'll pay your premiums quarterly, monthly, or annually for the duration of your policy.
If the unexpected happens and you need to file a claim, our team will be there to assist you in receiving the funds you require as soon as possible. When your claim is approved, you'll receive a payout that you can put toward whatever you need, such as bills, groceries, or medical expenditures.