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 Texas, 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 86, with 100 being the average.
The cost of living index in Socorro is 0.9x lower than the national average.
Socorro ranks as the #149 cheapest in Texas out of 405.
Socorro ranks as the #938 cheapest out of 6,412 in the US.
The median home value in Socorro is $101,900.
The median income in Socorro is $42,042.
According to the most recent data on the cost of living, Socorro has an overall cost of living index of 86, which is 0.9x lower than the national index of 100.
Compared to Texas, Socorro has a cost of living index that's 0.9x lower than Texas's index of 92.
The standard of living in Socorro ranks as #149 most affordable out of the 405 places we measured in Texas. By definition, that implies Socorro ranks as the #256 most expensive place in the Lone Star State.
For more reading on life in Socorro, check out:
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 97.
The Groceries index in Socorro is 108.
The Health index in Socorro is 99.
The Housing index in Socorro is 51.
The Transportation index in Socorro is 100.
The Utilities index in Socorro is 93.
|Living Expense||Socorro||Texas||National Average|
Housing swings affordability the most between places in Texas, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Socorro is $101,900.
The Median Rent in Socorro is $779.
The Median Income in Socorro is $42,042.
The Home Value To Income in Socorro is 2.4x.
The Rent To Monthly Income in Socorro is 0.22x.
|Median Home Value||$101,900||$202,600||$244,900|
|Home Value To Income||2.4x||3.0x||3.5x|
|Rent To Monthly Income||0.22x||0.2x||0.2x|
The cost of living varies in the cities and towns around Socorro. Here's a quick look at the cost of living in the most populous nearby places:
El Paso, TX has a cost of living index of 88, 1.0x Socorro.
Sunland Park, NM has a cost of living index of 88, 1.0x Socorro.
Fort Bliss, TX has a cost of living index of 110, 1.3x Socorro.
|City||Population||Cost Of Living||Vs. Socorro|
|El Paso, TX||676,395||88||1.0x|
|Sunland Park, NM||16,488||88||1.0x|
|Fort Bliss, TX||14,226||110||1.3x|
|Homestead Meadows South, TX||7,981||83||1.0x|
|Homestead Meadows North, TX||6,521||84||1.0x|
|Santa Teresa, NM||6,037||93||1.1x|