Business brief: New Mexico cost of living goes way up

Submitted report
Posted 11/30/18

New Mexico ranks toward the top of a list that shows many state citizens spend most of their household income on just essential items, leaving less aside for nonessentials and savings.

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Business brief: New Mexico cost of living goes way up

Posted

While the number of women-owned businesses puts New Mexico at the top of a favorable list, a cost of living analysis by personal finance group GoBanking Rate puts the state at the top of an unfavorable one.

New Mexico is ranked No. 2 among the 50 states for the amount of median household income families spend on essential items, such as rent or mortgage, utilities and food. New Mexicans spend on average about 62 percent of their income on those necessities, or about $1,992 a month, according to an analysis of U.S. Census data.

Financial advisers say the best mix for a stable budget is to spend no more than 50 percent of income on necessities, 30 percent on nonessentials and leave aside 20 percent for savings. But that's easier said then done in a state where the cost of housing, food and electricity in places like Taos continue to rise while salaries stagnate.

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