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The Scorecard assesses the 50 states and the District of Columbia on 92 outcome and policy measures. These measures are grouped into five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education. All the data is collected from the latest available data sources and compiled by CFED. For more on the methodology, click here.

New Mexico

New Mexico

What New Mexico Can Do

There are many policies that New Mexico could enact to improve its climate for asset building and preservation:

New Mexico should address its low rank for net worth and high rates of asset poverty and unbanked households by encouraging savings in a number of ways:

INCREASE INCOMES: The state should address families’ living wage needs by indexing the minimum wage to inflation and increasing the Working Families’ Tax Credit.

REMOVE SAVINGS DISINCENTIVES: New Mexico should eliminate asset limits in its cash welfare and food assistance programs.

PROVIDE SAVINGS INCENTIVES: The state should improve its Individual Development Account (IDA) program through increased funding, integration with the state workforce program and funding the requirements of delivering IDAs. New Mexico should establish and fund child savings accounts and college savings incentives.

PROTECT AGAINST ASSET STRIPPING: New Mexico should strengthen its predatory payday lending regulations, establish foreclosure prevention measures and minimize utility expenses.

Overall Grade: D

Select a tab to see how your state fared in each issue area or a measure to see the definition, source and complete data.
  • Financial Assets
    & Income
  • Businesses
    & Jobs
  • Housing
    & Homeownership
  • Health Care
  • Education
  • Community Investment &
    Accountability Policies

Are there widespread opportunities for wealth creation and protection, particularly for low-income residents?

Outcome Rankings

Issue Area Grade: F

Outcome Measure

Rank

State Data

US Data
Net Worth 45 $51,000 $88,803
Net Worth by Race n/a n/a 6.1^
Net Worth by Income n/a n/a 44.9^
Net Worth by Gender 7 1.2^ 1.2^
Asset Poverty Rate 40 25.4% 22.5%
Asset Poverty by Race n/a n/a 2.3^
Asset Poverty by Gender 22 1.4^ 1.2^
Extreme Asset Poverty Rate 44 16.8% 14.3%
Income Poverty Rate 46 16.8% 12.3%
Unbanked Households 48 48.4% 26.8%
Bankruptcy Rate
(per 1,000 people)		 11 1.7 2.7
Median Credit Card Debt 17 $2,689 $2,960
Median Installment Debt 39 $15,733 $14,887

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

Policy Ratings

Policy Priorities
50 State IDA Program Support
50 State Earned Income Tax Credit
50 Lifting Asset Limits in Public Benefit Programs
0 Payday Lending Protections
 

Additional Policies
State Minimum Wage – $7.50/hr; Not indexed to inflation
Income Tax Threshold – $31,400
Financial Education in Schools – Required to be offered but no content standards or graduation requirements

Is the opportunity to grow a business or get a job that pays a sufficient wage with benefits available to all those who choose to pursue it?

Outcome Rankings

Issue Area Grade: D

Outcome Measure

Rank

State Data

US Data
Small Business Ownership Rate 39 16.5% 17.7%
Private Loans to Small Business 41 $1,830 $2,116
Microenterprise Ownership Rate 38 15.2% 16.5%
Women's Business Ownership Rate 21 4.5% 4.4%
Minority Business Ownership Rate 23 3.9% 4.9%
Women Owned Business Value 44 $111,474 $144,969
Minority Owned Business Value 30 $148,737 $162,824
Employee Ownership
(per 1,000 firms)		 26 1.3 1.4
Business Creation Rate
(per 1,000 workers)		 24 9.8 9.6
Employment Growth 11 0.8% -0.5%
Annual Unemployment Rate 11 4.2% 5.8%
Low-Wage Jobs 49 36.6% 22.2%
Average Annual Pay 37 $36,807 $44,458
Retirement Plan Participation 41 45.4% 47.4%
Employers Offering Health Insurance 35 50.2% 55.8%

Policy Ratings

Policy Priority
75 State Microenterprise Support
 

Additional Policies
Workers Compensation Coverage – 92.7% of workers covered
Unemployment Benefit Level – 40.0% of average weekly wage
Unemployment Benefit Eligibility – Uses alternative base period; Part-time workers covered; Benefits for compelling family reasons; Not all criteria met
Family Leave Benefits – No state policy
Incentives for Employee Ownership – ESOPs excluded from securities regulations; Not all criteria met

Is the opportunity to purchase and maintain a home available to all those who choose to pursue it?

Outcome Rankings

Issue Area Grade: A

Outcome Measure

Rank

State Data

US Data
Homeownership Rate 30 66.2% 64.2%
Homeownership by Race 1 1.1^ 1.5^
Homeownership by Income 4 2.1^ 2.7^
Homeownership by Gender 16 1.1^ 1.2^
Foreclosure Rate 15 1.5% 3.0%
High-Cost Mortgage Loans 26 17.1% 17.5%
Mortgage Debt as %
of Home Value		 24 75.3% 76.9%
Affordability of Homes 25 3.5* 3.5*
Housing Cost Burden - Homeowners 26 34.0% 37.5%
Housing Cost Burden - Renters 20 42.1% 45.6%

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

* This is a ratio of median home value compared to annual median family income, e.g. a ratio of 4 means housing values are 4 times higher than income.

Policy Ratings

Policy Priority
100 Predatory Mortgage Lending Protections
25 Housing Trust Fund
50 First-time Homebuyer Assistance
 

Additional Policies
Affordable Rental Housing Preservation – 22.1% of LIHTC for preservation
Property Tax Relief – Circuit breaker only for elderly homeowners & renters
Foreclosure Protections – No protections for homeowners
Resident Ownership of Manufactured Housing Communities – No protections for homeowners

Is there broad access to health insurance as protection against income interruption and asset depletion from medical bills?

Outcome Rankings

Issue Area Grade: C

Outcome Measure

Rank

State Data

US Data
Uninsured Rate 50 25.7% 17.2%
Uninsured by Race 15 1.7^ 2.2^
Uninsured by Income 1 2.6^ 3.6^
Uninsured by Gender 4 1.1^ 1.0^
Uninsured Low-Income Children 48 25.8% 18.3%
Uninsured Low-Income Parents 46 45.8% 37.2%
Employees Insured by Employer 51 48.0% 60.9%
Employee Share of Premium 31 26.0% 25.0%
Out-of-Pocket Medical Expenses n/a n/a 19.0%

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

Policy Ratings

Policy Priorities
75 Access to Health Insurance
 

Additional Policies
Insuring High Risk Individuals – Has high risk pool
COBRA Coverage of Small-Business Employees – COBRA expansion for 6 months

Do residents have access to the education and training they need to get ahead?

Outcome Rankings

Issue Area Grade: D

Outcome Measure

Rank

State Data

US Data
Head Start Coverage 24 24.2% 20.3%
Math Proficiency - 8th grade 49 17.4% 31.0%
Reading Proficiency - 8th grade 50 17.3% 29.2%
High School Degree 44 85.0% 87.6%
Two-Year College Degree 36 56.5% 58.7%
Four-Year College Degree 40 25.4% 29.9%
Four-Year Degree by Race 50 2.8^ 1.5^
Four-Year Degree by Income 27 4.7^ 4.9^
Four-Year Degree by Gender 16 1.0^ 1.0^
Average College Graduate Debt 3 15,784 20,098
College Graduates with Debt 12 52.3% 59.0%

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

Policy Ratings

Policy Priorities
50 Early Childhood Education
75 Access to Quality K-12 Education
0 College Savings Incentives
 

Additional Policies
Postsecondary Education Financial Aid – $278.20 per undergraduate student
State-Funded Head Start – $1,496,915 in supplemental funds
WIA-Funded Workforce Training – 88.2% of participants received training
TANF-Funded Workforce Training – No funds spent on training

Policy Ratings

Additional Policies
State Support for CDFIs – No
Tax Expenditure Transparency – No report published
Impact Analysis of Tax Law Changes – Yes, multiple models
Community Investment for State-Chartered Banks – No