New Mexico

Analysis of state-to-state migration patterns and economic indicators for New Mexico, focusing on the 2022–2023 tax filing years.

Overview

• Cost of living: 9% below the U.S. average (index: 91).
• Median home value: $232,200 (national: $303,400).
• Home prices rose 51.6% over the five years to 2023.
• Median rent: $1,021/month (national: $1,348).
• Homeownership rate: 69% (national: 65%).
• Unemployment rate: 3.7% (national: 3.6%).
• Median household income: $62,125 (national: $78,538).
• Median age: 39.2 years (national: 38.7).

Migration Trends (2022–2023)

• Net loss of 72 tax-filing households and 1,508 individuals (0.7 net people per 1,000 residents).
• Net loss of $85.5M in adjusted gross income (AGI).
• Largest inflow: 7,197 households from Texas ($450.9M AGI).
• Largest outflow: 7,469 households to Texas ($510.5M AGI).

Income Flow

• Total AGI moved in: $2.1B.
• Total AGI moved out: $2.2B.
• Net AGI loss: $85.5M (nominal).

Top Origin States (Inbound Migration)

• Texas: 7,197 households, $450.9M AGI.
• California: 3,262 households, $250.5M AGI.
• Arizona: 3,006 households, $170.2M AGI.
• Colorado: 2,642 households, $168.2M AGI.
• Florida: 1,579 households, $114.7M AGI.

Top Destination States (Outbound Migration)

• Texas: 7,469 households, $510.5M AGI.
• Arizona: 3,435 households, $207.6M AGI.
• Colorado: 2,743 households, $196.7M AGI.
• California: 2,364 households, $159.7M AGI.
• Florida: 1,452 households, $109.8M AGI.

Churn by State (Two-Way Migration)

• Texas: 7,197 in, 7,469 out (net: -272 households, -$59.6M AGI).
• Arizona: 3,006 in, 3,435 out (net: -429 households, -$37.4M AGI).
• California: 3,262 in, 2,364 out (net: +898 households, +$90.8M AGI).
• Colorado: 2,642 in, 2,743 out (net: -101 households, -$28.5M AGI).
• Florida: 1,579 in, 1,452 out (net: +127 households, +$5M AGI).

Net Migration by Year (2012–2023)

• 2012: -$166.3M AGI, -8,231 people.
• 2013: -$238.6M AGI, -9,103 people.
• 2014: -$234.6M AGI, -9,814 people.
• 2015: -$164.6M AGI, -5,877 people.
• 2016: -$179M AGI, -7,693 people.
• 2017: -$67.5M AGI, -7,061 people.
• 2018: -$6.7M AGI, -1,901 people.
• 2019: +$51M AGI, +144 people.
• 2020: +$437M AGI, +1,770 people.
• 2021: +$99.6M AGI, -3,256 people.
• 2022: -$118.3M AGI, -1,128 people.
• 2023: -$85.5M AGI, -1,508 people.
• Cumulative (2012–2023): -$673.5M AGI, -53,658 people.

Migration in Context

• Population (2023): 2,119,349.
• Net migration rate: 0.7 net people per 1,000 residents.
• Net income per resident: -$40 (nominal).

Components of Population Change (2023)

• Births: +21,582.
• Deaths: -22,367.
• Net domestic migration: +1,524.
• Net international migration: +9,044.
• Total change: +6,490.

Income and Cost of Living

• Income per person: $55,457 (21% below U.S. average).
• Price level index: 91.0 (9% below U.S. average).
• Adjusted income per person: $60,954 (13% below U.S. average).

Cost Breakdown by Category

• Housing & rents: 75.3 (index where 100 = U.S. average).
• Goods: 97.4.
• Utilities: 77.9.
• Other services: 93.8.

Demographics

• Median age: 39.2 years.
• Median household income: $62,125 (21% below U.S. median).
• College degree (adults 25+): 30%.
• Poverty rate: 18.1%.
• Average commute: 23 minutes.
• Broadband at home: 84%.
• Race/ethnicity (share of residents):
  • White: 37%.
  • Hispanic: 48%.
  • Black: 2%.
  • Asian: 2%.
  • Other: 12%.

Housing

• Median home value: $232,200 (23% below U.S. median).
• Median rent: $1,021/month (24% below U.S. median).
• Homeownership rate: 69%.
• Home-price appreciation (past year): +7.9%.
• Home-price appreciation (past 5 years): +52%.
• New home construction (2023): 8,511 units (80% single-family, 20% multifamily).

Local Economy and Risk

• Unemployment rate (2023): 3.7%.
• Labor force: 966,516 (930,980 employed).
• Unemployment rate (May 2026): 4.6% (up 0.7 points vs. May 2025).

Migration by Income Bracket (2022–2023)

• $1–$10k: +154 households, +$956K AGI.
• $10k–$25k: +6 households, +$604K AGI.
• $25k–$50k: +81 households, +$3.7M AGI.
• $50k–$75k: +47 households, +$2.1M AGI.
• $75k–$100k: -29 households, -$3.3M AGI.
• $100k–$200k: -203 households, -$27.9M AGI.
• $200k+: -113 households, -$60.6M AGI.

Goods Trade (2022)

• Ships to other states: $14.9B (+4% since 2017).
• Receives from other states: $50