CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

New Mexico

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN NEW MEXICO

 

Lead State Organization

This state doesn’t have a Lead State Organization.

 

Lead Local Organization

Community Action Agency of Southern New Mexico
Las Cruces

 

Click here to learn how to join the Network.

WHAT NEW MEXICO CAN DO

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

Promote Asset Building and Consumer Protections: To reduce asset poverty, New Mexico should promote long-term savings habits by reinstating funding for its state Individual Development Account and Children Development Account programs. To protect unbanked and underbanked households from predatory financial products, the state should prohibit or cap interest rates on payday, auto-title and short-term installment loans.

Invest in Entrepreneurs: To increase microenterprise and small business ownership, New Mexico should implement a Self-Employment Assistance program, use federal block grants to support microenterprise development and create a State Microenterprise Association.

Increase College Attainment: To increase the number of people with two- and four- year college degrees, New Mexico should encourage college savings by matching deposits into 529 accounts and remove barriers to saving for low-income students.

Overall Rank: 42

Outcome Rankings

Issue Area Rank: 42 | Grade: D

Outcome Measure State Data US Data Rank
Income Poverty Rate 19.3% 14.6% 49
Asset Poverty Rate 26.0% 26.0%
Asset Poverty by Race 2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.1 x higher
for single women
Asset Poverty by Family Structure 2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 53.7% 43.9% 37
Liquid Asset Poverty by Race 1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 14.8% * 17.5%
Net Worth $68,948
Net Worth by Race 10.3 x higher
for white HHs
Net Worth by Income 68 x higher
for top 20%
Net Worth by Gender 1.18 x higher
for single men
Net Worth by Family Structure 22 x higher
for 2-parent HHs
Unbanked Households 11.5% 8.2% 45
Underbanked Households 23.6% 20.1% 44
Households with Savings Accounts 67.8% 69.2% 36
Consumers with Subprime Credit 62.0% 56.4% 42
Borrowers 90+ Days Overdue 4.89% 4.33% 43
Average Credit Card Debt $8,055 $10,736 14
Bankruptcy Rate (per 1,000 people) 2.6 4.4 18
   
Additional Policies
Income Tax Threshold — $34,200
Tax Burden by Income — The poorest 20% of families pay 2.2 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Existing laws may allow for prize-linked savings
Paperless Payday — Paperless payday not permitted

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

* Indicates that the margin of error is greater than 25% of the estimate, and as such, this estimate is too imprecise to rank. Caution should be used when using this data.

Outcome Rankings

Issue Area Rank: 31 | Grade: C

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 15.1% 16.7% 38
Small Business Ownership Rate 1.39% 1.34% 31
Business Ownership by Race 1.9 x higher
for white workers
1.5 x higher
for white workers
35
Business Ownership by Gender 1.1 x higher
for men
1.3 x higher
for men
4
Business Value by Race 2.3 x higher
for white bus. owners
2.6 x higher
for white bus. owners
16
Business Value by Gender 2.2 x higher
for men
2.6 x higher
for men
3
Business Creation Rate (per 1,000 workers) 9.6 9.2 21
Private Loans to Small Business $891 $1,148 48
Unemployment Rate 7.4% 8.9% 17
Unemployment by Race 1.7 x higher
for people
of color
1.7 x higher
for people
of color
21
Underemployment Rate 14.7% 15.9% 25
Low-Wage Jobs 31.0% 21.5% 44
Average Annual Pay $42,542 $48,043 39
Retirement Plan Participation 46.0% 44.6% 31
Employers Offering Health Insurance 47.1% 51.0% 36
   

Policy Ratings

Policy Priorities
0.25 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 39.7% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Part-time workers covered; Some benefits for compelling family reasons
Incentives for Employee Ownership — No state policy
Loans for Beginning Farmers — No state policy

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 16 | Grade: B

Outcome Measure State Data US Data Rank
Homeownership Rate 68.2% 64.6% 19
Homeownership by Race 1.1 x higher
for white HHs
1.6 x higher
for white HHs
1
Homeownership by Income 2 x higher
for top 20%
2.2 x higher
for top 20%
9
Homeownership by Gender 1.02 x higher
for single women
1.01 x higher
for single women
Homeownership by Family Structure 1.6 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
5
Foreclosure Rate 4.09% 4.27% 39
Delinquent Mortgage Loans 2.04% 3.04% 12
High-Cost Mortgage Loans 2.25% 2.47% 29
Affordability of Homes (value/income) 3.8 x higher than median income 3.4 x higher than median income 34
Housing Cost Burden - Homeowners 34.3% 36.9% 27
Housing Cost Burden - Renters 53.3% 53.4% 35
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 60.4% of LIHTC for preservation
Tenant Protections from Foreclosure — No protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and renters who are elderly; No tax deferment
Resident Ownership of Manufactured Housing Communities — No protections for homeowners

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 48 | Grade: F

Outcome Measure State Data US Data Rank
Uninsured Rate 22.7% 17.3% 48
Uninsured by Race 2 x higher
for people
of color
2 x higher
for people
of color
30
Uninsured by Income 2.4 x higher
for poorest 20%
3.5 x higher
for poorest 20%
5
Uninsured by Gender 1.2 x higher
for men
1.2 x higher
for men
23
Uninsured Low-Income Children 10.4% 10.7% 34
Uninsured Low-Income Parents 42.7% 34.5% 49
Employer-Provided Insurance Coverage 44.9% 57.4% 51
Employee Share of Premium 30.8% 26.4% 42
Out-of-Pocket Medical Expenses 16.2%
   

Policy Ratings

Policy Priorities
1 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 6 months
Healthcare Information Databases — Does not have database

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 50 | Grade: F

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 26.7% 28.2% 19
Math Proficiency - 8th Grade 23.8% 34.7% 46
Reading Proficiency - 8th Grade 22.1% 33.5% 49
High School Degree 83.2% 85.9% 45
Two-Year College Degree 33.0% 36.3% 38
Four-Year College Degree 25.6% 28.5% 37
Four-Year Degree by Race 3 x higher
for white adults
1.6 x higher
for white adults
50
Four-Year Degree by Income 4.4 x higher
for top 20%
4.6 x higher
for top 20%
25
Four-Year Degree by Gender 1.01 x higher
for men
1.01 x higher
for men
Average College Graduate Debt $26,600
College Graduates with Debt 66%
Student Loan Default Rate 12.5% 13.4% 29
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $3,561 per child enrolled; 8 of 10 quality standards met
Kindergarten Standards — Half Day Kindergarten; no standards; no certificates or training required for teachers
State Financial Aid for Postsecondary Education — $859 per student; 28% need-based
TANF-Funded Workforce Training — 0% of funds spent on training
WIA-Funded Workforce Training — 92.7% of participants received training

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

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