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Erlinda Johnson, Qualifying Broker
The housing market of the Albuquerque Metro area is one of the more stable markets in the country with home prices declining modestly in value and in some areas increasing in value. New Mexico, according to the Albuquerque Journal, is ranked as the 13th fastest growing state in the nation. This steady influx of people moving to the Albuquerque Metro area to pursue dreams of business, careers, education, and retirement is based predominately on the encouraging readily available incentives for businesses, careers, and education, including the areas of technology and films, and coupled with the wonderful climate with up to 330 days of sunshine annually, endless opportunities for outdoor activities, the access to high quality medical care, and the relatively low living costs and housing prices.
Is your paycheck not stretching far enough? Are you considering moving to a new town? Are you just looking to change jobs? If so, it may be time to look at one of the cities at the top of Salary.com’s 2008 Salary Value Index. The compensation experts at Salary.com uncovered the top US cities for building personal net worth by taking into account local salaries, cost of living and unemployment relative to the national average. This year’s list also factors in qualitative measures, including diversity of industry, education level of the cities’ population, proximity to post-secondary institutions, percent of the population below the poverty level and median travel time to work.
Albuquerque, New Mexico
This fast-growing city at the center of the New Mexico Technology Corridor
is the largest city in New Mexico. Boasting a newly revitalized downtown area,
Albuquerque has a diverse population and some of the leading high tech research
facilities in the country.
August 2009 – Albuquerque International Balloon Fiesta
For nine days each October (Oct. 3-11 this year) the skies above Albuquerque are filled with balloons partaking in rides, races and competitions in the largest event of its kind. The days start before dawn, and most wind down with fireworks. “It's not just something you watch; you can also participate,” McKechnie says. “You get a lot of international pilots who come without a ground or chase crew, and you can register as a volunteer, work a few days, and get a flight thrown in.” Paid flights are offered, tethered and non-tethered alike.
July 2009 – The largest city in New Mexico, Albuquerque boasts a unique multicultural heritage and history where Native American, Hispanic & Latino, Anglo and other cultural influences are a part of everyday life. The Albuquerque MSA population includes the city of Rio Rancho, one of the fastest growing cities in the United States, a hub for many master-planned communities which are expected to draw future businesses and residents to the area. During the 21st century, the Albuquerque population has continued to grow rapidly, the city proper and metro area population have both increased 13 percent from 2000 to 2006, and this trend is expected to continue. READ MORE
July 2009 – What Albuquerque wants, Albuquerque gets -- and the city and state crave high-tech jobs, especially in the renewable-energy industry. So when Schott North America made overtures to many cities about hosting its flagship solar-panel plant, Albuquerque and New Mexico pounced. "We were overwhelmed with collaboration and enthusiasm," says Schott chief executive Gerald Fine.
Officials enlisted two of the city's crown jewels to help entice Schott. The first, Sandia National Laboratories, is the government-owned, Lockheed Martin-run research-and-development engine for national defense. Sandia's gaggle of PhDs routinely collaborate with local businesses to develop technology. The second, the University of New Mexico, comes with its own R&D chops, plus tailor-made programs to educate workers in key Albuquerque industries.
The city and state also cut red tape and loaded up on incentives to attract Schott. Gov. Bill Richardson gave Fine his personal cell-phone number, just in case Fine needed help untangling any snags. Schott began looking for a site in July 2007, and it was ramping up production at its spanking-new plant in April of this year. “That's an astounding feat,” says Fine. The plant's 350 employees will soak up some of the 2,000 workers laid off from chip maker Intel, a major local employer.
Albuquerque is developing its film industry with the same zeal. No Country for Old Men was made here, as was the latest in the Terminator series, Terminator Salvation, filmed at Albuquerque Studios. The industry has grown from 100 people eight years ago to 3,000 today, many of whom are locals trained for the new jobs. "We had one guy go from hauling wood to Hollywood," says Lisa Strout, of the New Mexico Film Office. It doesn't hurt that New Mexico pays 25% of the cost of films made locally. Strout says the city's vibrant arts community makes Hollywood types feel at home.
The city is a mélange of cultures. Native American and Hispanic influences flavor the architecture and food (when natives ask "Green or red?" they're talking about which chile sauce you prefer). A stretch of the old Route 66 has evolved into a funky, neon-charged neighborhood of shops and restaurants called Nob Hill.
Albuquerque bills itself as a green city and, figuratively speaking, it is. The city requires everything from homes to commercial buildings to be energy-efficient. And an impressive grid of bike paths makes it possible to commute from any point A to point B. A bike-only trail also runs along the Rio Grande, which bisects the city. But it's only along this corridor that the city is literally green. Elsewhere, you'll have to appreciate the many shades of reds and browns that color the Southwest.
June 2009 – Along the banks of the Rio Grande, with the Sandia Mountains in the background, is the beautiful city of Albuquerque, N.M. The sunny climate and endless landscape have long drawn writers, poets, and artists to this spot, which includes an unconventional mix of American Indian, Hispanic, and Anglo cultures. But it's not just freethinkers who drift to this Southwestern city of 511,000. Kirtland Air Force Base, Sandia National Laboratories, and Intel Corp. have helped develop the area into a manufacturing and research hub. They provide a stable anchor for the local economy.
Albuquerque's clear skies, calm winds, and abundant sunshine present plenty of opportunities to explore its natural splendor. Each October, the Albuquerque International Balloon Fiesta fills the sky with more than 700 colorful hot-air balloons. Fourteen area golf courses are open year-round and allow duffers to tee off against spectacular backdrops of volcanoes and mountain peaks. Meanwhile, Albuquerque's foothills and network of trails make the area a wonderful destination for biking.
In January 2009, Salary.com ranked Albuquerque as the 5th Top City to Build Wealth in the United States by writing, “This fast growing city at the heart of the New Mexico Technology Center is the largest city in New Mexico - boasting a newly revitalized downtown area - Albuquerque has a diverse population and some of the leading high tech research facilities in the country.”
In October and November 2008, Realtor Magazine identified the Albuquerque Metro Area as one of the Top Ten Most Promising Housing Markets in the United States based on the Housing Predictor which identified 10 markets “where the regional economies are healthy, have strong potential for increasing prosperity, and the housing markets have bucked the national trend in 2008 and avoided the subprime crisis.” The Housing Predictor continued by stating the Top Ten cities “will continue to see steady, dependable growth.”
In October 2008, the Albuquerque Journal published an article by Winthrop Quigley titled “N.M. Bankers: Relax, Your Money is Safe”. The article provides an in-depth view of the current real estate and banking market in New Mexico by stating, “Public anxiety over New Mexico's banks is completely misplaced, said William J. Verant, director of the state Financial Institutions Division. Verant regulates state-chartered banks and credit unions. First, federal deposit insurance has been increased. And New Mexico banks are in a much stronger position than banks in many other parts the country. "Our banks in the state are fine," Verant said. By many measures, New Mexico's banks are in much better shape than the nation's banks in general, and with new federal guarantees insuring bank deposits up to $250,000, banks are safer than ever, he said. READ MORE
In August 2008, Forbes.com named Albuquerque as “the top market where home prices are likely to rise” indicating Albuquerque’s job growth through 2012 to be 1.6 percent annually, fueled by low costs and local business expansion. According to Forbes.com, Housing starts are expected to grow in the Albuquerque Metro area by 26.6 percent in 2009 with single family home increases of 26.4% and multi-family structure increases of 27.1%.
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