Corrales, Carlsbad, Los Ranchos De Albuquerque: These cities aren’t just some of the best places to live in New Mexico. They are also home to some of the richest people in the Land Of Enchantment.
Corrales in particular houses the richest residents in the state thanks, in part, to a median household income of $80,664 and a ridiculously low poverty rate of 8.4%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in New Mexico share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples.
How did we come up with these mega wealthy cities? We analyzed Census data from the 2012-2016 American Community Survey for the 33 places in New Mexico with more than 5,000 people.
At the end of the day, here’s the set of the 10 richest places in New Mexico for 2018:
- Carlsbad (Photos)
- Los Ranchos De Albuquerque (Photos)
- Rio Rancho (Photos)
- Artesia (Photos)
- Santa Fe (Photos)
- Hobbs (Photos)
- Farmington (Photos)
- Ruidoso (Photos)
- Albuquerque (Photos)
For more on how we calculated the top ten, read on or skip to the end for the full list of the richest cities in New Mexico.
How We Determined The Richest Places In New Mexico For 2018
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the ‘richest places’. So we looked at this set of criteria from the newly released 2012-2016 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 33 places with more than 5,000 people in New Mexico, we ranked each place from 1 to 33 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a ‘Rich Score’ with the place having the lowest overall Rich Score, Corrales, crowned the ‘Richest Place In New Mexico For 2018’.
You can learn more about the top ten below or skip to the end to see the rankings for all 33 places.
Population: 8,474Median Income: $80,664
Unemployment Rate: 6.1%
Poverty Rate: 8.4%
Corrales is a village in Sandoval County, New Mexico, United States. The population was 8,329 at the 2010 Census. With proximity to the Rio Grande, the village was founded for agricultural purposes. The Rio Grande Bosque on the eastern edge of the village provides refuge for native animals and plants. The village fights hard to maintain its rural character in light of being surrounded by the rapidly expanding cities of Rio Rancho and Albuquerque.
Population: 28,079Median Income: $58,292
Unemployment Rate: 5.4%
Poverty Rate: 13.6%
Carlsbad (/krlzbæd/ KARLZ-bad) is a city in and the county seat of Eddy County, New Mexico, United States. As of the 2010 census, the city population was 26,138. Carlsbad is centered at the intersection of U.S. Routes 62/180 and 285, and is the principal city of the Carlsbad-Artesia Micropolitan Statistical Area, which has a total population of 55,435. Located in the southeastern part of New Mexico, Carlsbad straddles the Pecos River and sits at the eastern edge of the Guadalupe Mountains.
3. Los Ranchos De Albuquerque
Population: 6,069Median Income: $61,841
Unemployment Rate: 5.3%
Poverty Rate: 16.2%
4. Rio Rancho
Population: 92,966Median Income: $62,637
Unemployment Rate: 7.4%
Poverty Rate: 11.7%
Rio Rancho (Spanish: Río Rancho) is the largest city and economic hub of Sandoval County in the U.S. state of New Mexico. A small portion of the city extends into northern Bernalillo County. It is the third-largest and also one of the fastest expanding cities in New Mexico. As of the 2010 census, Rio Rancho had a population of 93,820.
Population: 11,817Median Income: $49,516
Unemployment Rate: 5.1%
Poverty Rate: 17.7%
Artesia is a city in Eddy County, New Mexico, United States, centered at the intersection of U.S. Route 82 and U.S. Route 285; the two highways serve as the city’s Main Street and First Street, respectively. As of the 2010 census, the city population was 11,301.
6. Santa Fe
Population: 82,927Median Income: $51,572
Unemployment Rate: 6.9%
Poverty Rate: 17.0%
Santa Fe (/sæntfe/ or /sæntfe/; Tewa: Ogha Po’oge, Navajo: Yootó) is the capital of the state of New Mexico. It is the fourth-largest city in the state and the seat of Santa Fe County.
Population: 36,863Median Income: $57,535
Unemployment Rate: 6.0%
Poverty Rate: 19.0%
Hobbs is a city in Lea County, New Mexico, United States. The population was 34,122 at the 2010 Census, increasing from 28,657 at the 2000 census.
Population: 44,067Median Income: $52,598
Unemployment Rate: 7.7%
Poverty Rate: 17.0%
Farmington (Navajo: Tóta’ ) is a city in San Juan County in the US state of New Mexico. As of the 2013 population estimate from the United States Census Bureau the city had a total population of 45,426 people. Farmington (and surrounding San Juan County) makes up one of the four Metropolitan Statistical Areas (MSA’s) in New Mexico. The U.S. Census Bureau’s population estimate in 2011 for Farmington was about 45,256.
Population: 7,833Median Income: $40,032
Unemployment Rate: 6.2%
Poverty Rate: 15.8%
Ruidoso is a village in Lincoln County, New Mexico, United States, adjacent to the Lincoln National Forest. The population was 8,029 at the 2010 census. The city of Ruidoso Downs and the unincorporated area of Alto are suburbs of Ruidoso, and contribute to the Ruidoso Micropolitan Statistical Area’s population of 21,223.
Population: 556,859Median Income: $48,127
Unemployment Rate: 7.3%
Poverty Rate: 18.9%
Albuquerque (/ælbkrki/ ( listen) AL-b-kur-kee; Navajo: Beeeldííl Dahsinil /pèèltíl txsnl/) is the most populous city in the U.S. state of New Mexico. The high-elevation city serves as the county seat of Bernalillo County, and it is situated in the north central part of the state, straddling the Rio Grande. The city population is 559,277 as of the July 1, 2016 population estimate from the United States Census Bureau, and ranks as the 32nd-largest city in the U.S. The Albuquerque metropolitan statistical area (or MSA) has a population of 909,906 according to the United States Census Bureau’s most recently available estimate for 2016. Albuquerque is the 60th-largest United States metropolitan area. The Albuquerque MSA population includes the city of Rio Rancho, Bernalillo, Placitas, Corrales, Los Lunas, Belen, Bosque Farms, and forms part of the larger Albuquerque–Santa Fe–Las Vegas combined statistical area, with a total population of 1,171,991 as of the July 1, 2016, Census Bureau estimates.
There You Have It – The Richest Places In New Mexico For 2018
Like we said earlier, when we set out to identify the richest places in New Mexico, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in New Mexico.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in New Mexico, according to data:
2nd Poorest: Sunland Park
3rd Poorest: Anthony
For more New Mexico reading , check out:
Detailed List Of The Richest Cities In New Mexico
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