Average Pharmacists Salary in New Mexico
Pharmacists in New Mexico earn an average annual salary of $135,670, a figure that closely mirrors the national average of $136,140. While the pay is comparable, the specific economic landscape and demand within the state contribute to this compensation level. Factors such as the state's healthcare infrastructure and the concentration of pharmacies play a role in shaping pharmacist remuneration.
Executive Summary
- Average Salary: $135,670 per year.
- Growth Trend: Salaries have shifted 6.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $172,630.
- Outlook: New Mexico's pharmacist job market appears stable, with a total local workforce of 1,770 professionals. The Location Quotient of 0.97 indicates a concentration of pharmacists that is nearly on par with the national average, suggesting a balanced demand and supply dynamic. With 2.06 jobs per 1,000 workers, the state offers a consistent, albeit not exceptionally high, level of employment opportunities for pharmacists.
Salary Overview
The average Pharmacists in New Mexico earns-0.3%below the national average.
$65.2
$2,609
$11,306
Pharmacists Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that pharmacist salaries in New Mexico have experienced steady growth over the past four years, aligning with national trends. Factors such as increasing healthcare needs, advancements in pharmaceutical services, and inflation likely contribute to a gradual upward trajectory in compensation for these essential healthcare professionals.
Pharmacists Salary Distribution in New Mexico
The salary progression for pharmacists in New Mexico, as in most regions, is significantly influenced by experience. Entry-level pharmacists can expect to earn at the lower end of the pay scale, while seasoned professionals with specialized skills and extensive experience will command higher salaries. The percentile gaps between entry-level and senior roles signify clear career progression pathways and the increasing value placed on expertise and responsibility within the profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Resident / New GradClinical rotation complete. Gaining floor experience. | 10% (Entry) | $86,940 | $41.8 |
| Staff ClinicianFull patient caseload. Proficient in core procedures. | 25% (Junior) | $101,753 | $48.9 |
| Charge / SeniorShift lead. Precepts new hires. Specialized certification. | 50% (Median) | $137,600 | $66.2 |
| SpecialistAdvanced degree/cert (e.g., ICU, OR). High acuity cases. | 75% (Senior) | $169,588 | $81.5 |
| Director / LeadDepartment head or Advanced Practice Provider. | 90% (Expert) | $172,630 | $83 |
Detailed Pharmacists Market Analysis
Relocation Context
Nominal Salary
$135,670
Gross Pay
Real Wage (Purchasing Power)
$151,417
Adjusted for COL (89.6)
The nominal average salary of $135,670 in New Mexico presents a favorable financial situation when considered against the state's Cost of Living Index of 89.6. This index, which is below the national average of 100, means that the purchasing power of a pharmacist's salary in New Mexico is effectively higher than the national average, allowing for a better standard of living.
Job Market Context
1,770
Total Jobs
2.06
Per 1K Jobs
0.97
Location Quotient
New Mexico has 0.97x the national average concentration of Pharmacists jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
With a Location Quotient of 0.97, New Mexico's pharmacist job market is closely aligned with the national average in terms of concentration. This suggests a competitive yet accessible market, where the number of pharmacists is proportionate to the demand. Professionals entering the market will find opportunities, but the slight under-concentration implies that the market is not oversaturated, offering a reasonable balance for job seekers.
Nearby Job Markets
Nearby Cities for Pharmacists
| City | Salary | Dist. |
|---|---|---|
| Albuquerque, NM Pharmacists Salary | $136,300↑ 0% | 29 mi |
| Santa Fe, NM Pharmacists Salary | $135,990↑ 0% | 59 mi |
Comparing salaries near New Mexico
Hiring Pharmacistss?
Frequently Asked Questions
How much does a Pharmacists make in New Mexico?
The median annual salary for a Pharmacists in New Mexico is $135,670. This typically ranges from $86,940 for entry-level positions to $172,630 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New Mexico is 0.3% lower than the national median of $136,140.
Is New Mexico a lucrative place for Pharmacists?
Yes, New Mexico offers a lucrative environment for pharmacists due to its cost of living.Pharmacists in New Mexico earn an average of $135,670, which is nearly the national average. Coupled with a cost of living index below the national average, this salary provides strong purchasing power.
Is New Mexico a good place to live for Pharmacists?
With a Cost of Living Index of 89.6 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near New Mexico?
Some top paying nearby cities include Albuquerque, NM ($136,300) and Santa Fe, NM.
How does New Mexico's pharmacist salary compare to the national average?
The average annual salary for pharmacists in New Mexico is $135,670, which is slightly below the national average of $136,140, indicating a very close alignment.
What is the concentration of pharmacists in New Mexico compared to the rest of the US?
New Mexico has a Location Quotient of 0.97 for pharmacists, meaning the concentration of these professionals is nearly identical to the national average, suggesting a balanced job market.
How does the cost of living in New Mexico affect a pharmacist's salary?
With a Cost of Living Index of 89.6, New Mexico is more affordable than the national average. This makes the $135,670 average salary more valuable in terms of purchasing power.
What is the overall job market outlook for pharmacists in New Mexico?
The job market outlook is stable, with a workforce of 1,770 and a concentration nearly matching the national average, indicating consistent demand and availability of opportunities.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,770 employees in the New Mexico area with a job density of 2.06 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Pharmacists • Data source: BLS OEWS 2024 •Jobs in New Mexico