Those of you interested in an investment property in New Mexico for building a second home or simply to hold on to for the future may wish to learn how the New Mexico cost of living compares with other states in the country. In addition to its favorable climate and incredible natural beauty, you will be pleased to learn that New Mexico compares favorably to other states regarding overall cost of living.
When compiling an overall average cost of living in each state, costs for a number of issues are considered. Recent data has revealed the following for New Mexico:
Scores are provided in relation to 100, which is considered the national average. Any number below 100 indicates a cost below the national average, while anything above it shows a higher than average cost. Based on the figures above, New Mexico cost of living is given an overall rating of 101, just a hair above the national average.
A careful review of the above information may help put your mind at ease with regards to future expenses when and if you decide to develop your land investment. Since many of you may be interested in building your own home (which may be powered by a renewable energy source), you are likely to reduce your housing expenses compared to the general population. In New Mexico, housing is the most significant expense that ranks above the national average, therefore, taking control of your own housing allows you the opportunity to appreciate an even lower overall cost of living.
All things considered, the cost of living in New Mexico is a very favorable factor when considering a long term investment in ranch land. Regardless of whether you'd like to build a second home, plan to sell the land at a later time, or would like to pass the precious gift of land on to your children or grandchildren, New Mexico is an excellent state to consider. You won't go broke buying groceries here and you'll never tire of the sunsets and views. Give our office a call today to find out which properties are available.