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Corrales, Los Ranchos De Albuquerque, Carlsbad: 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 $79,303 and a ridiculously low poverty rate of 5.688202247191012%.
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 2014-2018 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 2020:
- Corrales (Photos | Homes For Sale)
- Los Ranchos de Albuquerque (Photos | Homes For Sale)
- Carlsbad (Photos | Homes For Sale)
- Edgewood (Photos | Homes For Sale)
- Santa Fe (Photos | Homes For Sale)
- Rio Rancho (Photos | Homes For Sale)
- Los Lunas (Photos | Homes For Sale)
- Farmington (Photos | Homes For Sale)
- Ruidoso (Photos | Homes For Sale)
- Aztec (Photos | Homes For Sale)
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.
Rich people not your cup of tea? Feel free to check out some more reading about New Mexico:
The 10 Richest Cities In New Mexico For 2020
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.
Carlsbad 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.
Santa Fe 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.
Rio 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.
Los Lunas is a village in Valencia County, New Mexico, in the United States. As of the 2010 census, the village population is 14,835 inside the village limits due to the new housing developments at El Cerro de Los Lunas. It is the county seat of Valencia County.
Farmington 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 makes up one of the four Metropolitan Statistical Areas in New Mexico. The U.S. Census Bureau's population estimate in 2011 for Farmington was about 45,256.
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.
How We Determined The Richest Places In New Mexico For 2020
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 2014-2018 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 City In New Mexico For 2020". You can download the data here.
You can learn more about the top ten below or skip to the end to see the rankings for all 33 places.
There You Have It - The Wealthiest Places In New Mexico For 2020
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: Deming
3rd Poorest: Truth or Consequences
For more New Mexico reading, check out:
- Best Places To Retire In New Mexico
- Best Places To Raise A Family In New Mexico
- Safest Places In New Mexico
Detailed List Of The Richest Cities In New Mexico
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