Socorro, NM Cost Of Living
Cost Of Living In Socorro, NM Summary
Cost of living in Socorro research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Socorro is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Mexico, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Socorro is 91, with 100 being the average.
The cost of living index in Socorro is 0.9x lower than the national average.
Socorro ranks as the #22 cheapest in New Mexico out of 45.
Socorro ranks as the #1,347 cheapest out of 6,489 in the US.
The median home value in Socorro is $186,736.
The median income in Socorro is $51,343.
Table Of Contents
Socorro's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Socorro, NM?
According to the most recent data on the cost of living, Socorro has an overall cost of living index of 91, which is 0.9x lower than the national index of 100.
Compared to New Mexico, Socorro has a cost of living index that's 1.0x lower than New Mexico's index of 95.
The standard of living in Socorro ranks as #22 most affordable out of the 45 places we measured in New Mexico. By definition, that implies Socorro ranks as the #23 most expensive place in the Land of Enchantment.
For more reading on life in Socorro, check out:
In New Mexico
In America
Socorro Cost Of Living Vs. New Mexico
Six factors go into calculating the cost of living index in Socorro. Here is how it fairs on each of the criteria:
The Services index in Socorro is 100.
The Groceries index in Socorro is 97.
The Health index in Socorro is 97.
The Housing index in Socorro is 71.
The Transportation index in Socorro is 92.
The Utilities index in Socorro is 100.
| Living Expense | Socorro | New Mexico | National Average | |
|---|---|---|---|---|
| Overall | 91 | 95 | 100 | |
| Services | 100 | 96 | 100 | |
| Groceries | 97 | 96 | 100 | |
| Health | 97 | 95 | 100 | |
| Housing | 71 | 87 | 100 | |
| Transportation | 92 | 93 | 100 | |
| Utilities | 100 | 89 | 100 | |
Socorro, NM Housing Cost Breakdown
Housing swings affordability the most between places in New Mexico, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Socorro is $186,736.
The Median Rent in Socorro is $675.
The Median Income in Socorro is $51,343.
The Home Value To Income in Socorro is 3.6x.
The Rent To Monthly Income in Socorro is 0.16x.
| Statistic | Socorro | New Mexico | United States |
|---|---|---|---|
| Median Home Value | $186,736 | $311,815 | $303,400 |
| Median Rent | $675 | $1,021 | $1,348 |
| Median Income | $51,343 | $62,125 | $78,538 |
| Home Value To Income | 3.6x | 5.0x | 3.9x |
| Rent To Monthly Income | 0.16x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Socorro, NM Costs By Category
Detailed Socorro Services Costs Vs. New Mexico
| Item | Socorro | New Mexico |
|---|---|---|
| Shampoo | $1.15 | $1.28 |
| Movie | $12.54 | $12.13 |
| Bowling | $20.89 | $18 |
| Haircut | $31.9 | $24.26 |
| Beauty Salon | $50.83 | $45.56 |
Detailed Socorro Groceries Costs Vs. New Mexico
| Item | Socorro | New Mexico |
|---|---|---|
| Ground Beef | $5.11 | $5.84 |
| Fried Chicken | $1.32 | $1.57 |
| Milk | $4.63 | $4.67 |
| Potatoes | $4.18 | $4.93 |
| Pizza | $13.42 | $12.09 |
| Beer | $11.07 | $10.41 |
| Toothpaste | $3.62 | $3.7 |
Detailed Socorro Health Costs Vs. New Mexico
| Item | Socorro | New Mexico |
|---|---|---|
| Optometrist | $136.89 | $125.68 |
| Doctor | $134.17 | $135.78 |
| Dentist | $111.42 | $113.29 |
Detailed Socorro Transportation Costs Vs. New Mexico
| Item | Socorro | New Mexico |
|---|---|---|
| Gasoline | $3.5 | $3.46 |
| Tire Balancing | $43.87 | $59.92 |
Detailed Socorro Utilities Costs Vs. New Mexico
| Item | Socorro | New Mexico |
|---|---|---|
| All Electricity | $191.24 | $193.99 |
| Phone | $190.51 | $192.25 |
Socorro SnackAbility
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