This southwestern New Mexico town has been welcoming wanderers and settlers for countless generations. The cost of living is so reasonable, you’ll question why anyone tolerates big city price tags.

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So it takes an income of $86,000 to pay rent. Almost 40,000 new and resale apartments are for sale. Barely 300 sold in the last three months. More than 60% of landlords are in negative cash flow. And ...

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