Wealth Index
Among the 5 least wealthy states in US
The wealth index reflects the overall economic prosperity and financial well-being of a state's residents based on income levels, employment rates, and income inequality metrics.
Wealthiest and Least Wealthy Counties in New Mexico
- Los Alamos County (149% of U.S. avg)
- Santa Fe County (104% of U.S. avg)
- Eddy County (102% of U.S. avg)
- Guadalupe County (66% of U.S. avg)
- Luna County (71% of U.S. avg)
- McKinley County (71% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | New Mexico | US Average |
|---|---|---|
| Median Household Income | $62,378 | $78,145 |
| Median Personal Income | $53,658 | $61,726 |
| Average income growth | 4.6% | 5.1% |
| Six-Figure Earners | 9.5% | 13.2% |
The median household income in New Mexico is about 20% lower than in US. Income has been growing slower in New Mexico (4.6%/yr) than in US (5.1%/yr).
About 9% of adults in New Mexico earn six figures ($100,000 or more) a year, lower than the US average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in New Mexico grew by 45.5% from 2009 to 2023, reaching $62,378 in 2023. That's an average of about 4.6% per year.
Economic Inequality in New Mexico | Gender Pay Gap | Gini Coefficient
| Metric | New Mexico | US Average |
|---|---|---|
| Gini Coefficient | 0.582 | 0.570 |
| Male Median Income | $58,181 | $67,746 |
| Female Median Income | $48,923 | $54,793 |
| Gender Pay Gap | 15.9% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In New Mexico, it is 0.582, higher than US's 0.570, so income is less evenly distributed here than there.
Men's income is about 19% more than women's income in New Mexico. Over a 35-year career, a 19% wage gap accumulates to roughly $324,030 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in New Mexico has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $297 since 2009.
Employment
| Metric | New Mexico | US Average |
|---|---|---|
| Unemployment Rate | 5.9% | 5.2% |
| Working from Home | 11.0% | 13.4% |
| Commute time (minutes) | 18 | 22 |
Approximately 58,107 people are unemployed in New Mexico.
The average commute time in New Mexico is 18 minutes, shorter than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New Mexico has fallen from 8.1% to 5.9% in 2023.
Conclusion
Considering all these factors, New Mexico has an overall wealth index grade of C, making it about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New Mexico.
How Rich Is New Mexico?
New Mexico has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $62,378, about 20% lower than the US average of $78,145.
What is the current median household income in New Mexico?
As of 2023, the median household income in New Mexico is $62,378.
What was the median household income in New Mexico in 2023?
In 2023, the median household income in New Mexico was $62,378.
What was the median household income in New Mexico in 2020?
In 2020, the median household income in New Mexico was $51,416.
What is the Gini coefficient in New Mexico?
The Gini coefficient in New Mexico is 0.582. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in New Mexico?
Since 2009, the income gap between men and women in New Mexico has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $297 since 2009.