Cost of Living in Socorro, NM
Population 8,540 · New Mexico · Data vintage 2023
(100 = US avg)
Socorro sits on the smaller end of the New Mexico city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. Around 25% of residents live below the federal poverty line, a rate that tends to correlate with the income and housing figures above.
Geographically, Socorro is about 75 miles south of Albuquerque, the nearest large metro. Median home values run roughly 39% lower than Albuquerque's $267,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Socorro
The median home value in Socorro is $162,400 — 47% below the national median of $305,000. Median rent runs $675/month, 49% lower than the national median of $1,314/month. The median household income of $51,343/year is 31% lower than the US median of $74,580. The local unemployment rate is 0.7%, below the national average of 4.8%. New Mexico's top state income tax rate is 5.9% and the combined sales tax is 7.7%. The climate averages highs of 73.1°F and lows of 43.3°F. Overall, Socorro has a cost of living index of 52 versus the US average of 100, meaning it is 48% less expensive.
Socorro has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 51 | 57 | 66 | 74 | 83 | 94 | 94 | 91 | 84 | 74 | 60 | 50 |
| Low °F | 22 | 27 | 35 | 42 | 51 | 60 | 65 | 63 | 56 | 43 | 31 | 23 |
| Precip" | 0.42 | 0.44 | 0.39 | 0.37 | 0.38 | 0.49 | 1.88 | 1.05 | 1.02 | 1.02 | 0.43 | 0.66 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Socorro, NM?
Socorro has a cost index of 52 (100 = national average). It is 48% below the national average.
What is average rent in Socorro, NM?
The median gross rent in Socorro is $675 per month based on 2023 Census data.
What is the average home price in Socorro?
The median home value in Socorro is $162,400 according to Zillow and Census data.
What is the median income in Socorro?
The median household income in Socorro is $51,343 per year (2023 ACS 5-year estimates).
What is the sales tax in Socorro, NM?
The combined state and local sales tax rate in Socorro is 7.7%. The New Mexico state income tax top rate is 5.9%.
Is Socorro, NM affordable?
Yes, Socorro is generally considered affordable, with a cost of living index of 52 — about 48% below the US national average of 100.
What is the weather like in Socorro?
Socorro has average high temperatures of 73.1°F and average lows of 43.3°F. Annual precipitation is 8.6". Data from NOAA 1991–2020 Climate Normals.
Socorro at a Glance
- Population
- 8,540
- Median Income
- $51,343
- Home Value
- $162,400
- Median Rent
- $675/mo
- Unemployment
- 0.7%
- Avg High Temp
- 73.1°F
- Sales Tax
- 7.7%
Nearby Cities
Explore county-level cost of living data
New Mexico Rankings
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