Situated between Arizona and Texas, New Mexico is another of the desert states that enjoys a much warmer climate than the rest of the U.S. and provides a frequent destination for retirees and snow birds. Surprisingly, the state has a very small population, with very spread out density areas. Tourism, natural resources, and government offer the major industries. Film and television are also starting to boom in New Mexico as well given the offerings of the location for desert settings. The major urban areas are extremely limited to just Albuquerque and Santa Fe, with the rest of the state highly rural.
The Land of Enchantment is the 5th largest state by area, but its population of 2 million ranks 36th in the United States. Gross state product is roughly $80 billion dollars each year. Nearly 1 in 5 citizens remain at or below the poverty level.
As of this writing, the median home value in NM is just over $160,000, which actually represents a nearly 5% year-over-year decline; most of the US saw an increase in home values in 2013. By median sale price, the most expensive homes are in Santa Fe and Angel Fire, with prices ranging from $500,000 to $700,000. The least expensive homes, in places like Derring and Clovis, go for around $150,000 to $170,000. Of course, it's worth mentioning that in a smaller state like NM, median sales prices tend to be less accurate as there is less inventory on the market at any given time.
Population: 545,852
Albuquerque is the 32nd biggest American state, and its metro area is home to the 53rd most Americans. The city is home to both the University of New Mexico and Central NM Community College. The schools are both large employers, as is the air force, the city, and the state of NM. Albuquerque is also a high-tech hub, with companies such as Intel operating within city limits.
Population: 97,618
The City of the Crosses is the second largest in New Mexico. It is a popular retirement destination and the home of New Mexico State University.
Searching for a bank in NM? Whether you're living there now or contemplating a move, it's essential that you find the right bank to get your financial life in order. No matter what you're looking for, there's a financial institution nearby that will suit your needs, it's just a matter of asking the right questions. First, what's more important, a close relationship with your bank, or cutting edge online and mobile banking options? If it's the former, you probably want a local institution. If it's the latter, consider Wells Fargo, BBVA Compass, or another large institution.
Community Banks:
Credit Unions:
The national banks:
RateZip.com can assist you in picking the right bank. Our website is designed to make shopping for CDs, auto loans, checking accounts, and so much more straightforward and hassle-free. Get started by choosing your state and product, and let us take care of the rest!
For those who want to enjoy warm climate neighborhoods with vast expanse, RateZip.com can help, offering easy-to-compare mortgage information offered by multiple banks serving the New Mexico region. Shopping for a mortgage is like shopping for anything else - you'll generally get a better price if you shop around and seek out the best offer. At RateZip, lenders will compete for your business.
One popular mortgage option in New Mexico is the USDA loan, a mortgage program sponsored by the United States Department of Agriculture. These mortgage loans are available to people living in sparsely populated cities and towns - the limit is typically 25,000 people - and whose income is no more than 115% of the local median. If you qualify, USDA mortgages can have smaller down payments and more flexible underwriting standards than conventional home loans.
