Average Salary in New Mexico

State of United States · Data verified 2026-01-01

Minimum wage

$12 /hr

Average salary $4,000 /mo

+ 66% vs United States national rate #25 of 56 state Since 2023-01-01

With a population of 2.1 million, New Mexico is a state of United States whose economy centers on oil and gas and national defense. Its minimum wage of $12 per hour is 66% above the national rate. Workers earn an average gross salary of $4,000 per month. The cost of living is 8% below the national average. The median household income is $58,722 per year.

• AT A GLANCE

Rank: #25 of 56; state
vs National: +66%; United States floor
Annual (est.): $24,960; full-time, before tax
Change Since 2019: +60%; nominal wage

• SECTOR RATES

Albuquerque

$12 /hr

Since 2023-01-01

Albuquerque's minimum wage aligns with the state rate; city rate historically set higher but converged.

Santa Fe (city)

$14.60 /hr

Since 2024-03-01

Santa Fe maintains its own higher minimum wage, adjusted annually.

Wage Breakdown

Hourly: $12
Monthly: $2,079.96 Based on 173.33 hours/month (40 hrs/week)
Annual: $24,960 Based on 2,080 hours/year

New Mexico's statewide minimum wage was $12.00 as of January 2023. Some localities, including Albuquerque and Santa Fe, have higher minimums. Tipped employees have a lower cash wage with tip credit provisions.

At this rate, a full-time worker earns approximately $24,960 /yr before tax. Whether that covers living costs depends on local prices. See United States purchasing power context.