A+
9%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
27%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Socorro New Mexico National
Cost of living9193100
Goods & Services10097100
Groceries9797100
Health care9697100
Housing7386100
Transportation9395100
Utilities9990100
New Real Estate Listings in Socorro Area
Search Homes for Sale in Socorro, NM

Cost Of Living Quick Facts

  • The cost of living in Socorro is 2% lower than the New Mexico average
  • The cost of living in Socorro is 9% lower than the national average
  • Socorro housing is 27% lower than the national average
  • New Mexico general sales tax is 2% lower than the national average
  • New Mexico state income tax is 25% lower than the national average

Most Affordable Places to Live in and Around Socorro

See all the best places to live around Socorro

Compare Socorro, NM Cost of Living

      vs
      How would you rate the cost of living in Socorro?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Socorro?
      Write a review to give others more information about this area.
      See all Socorro poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$55,739$4,645$1,300$1,672
      Renters$24,716$2,060$577$742
      The affordability of the housing market in Socorro, NM as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Socorro homeowners, the median income is $55,739. This indicates that a monthly maximum of $1,300 should be spent by homeowners on all housing related costs. Renters have a median income of $24,716. This indicates that renters would have a maximum of $577 for their rent related monthly costs.

      New Mexico Sales Tax

      State General Sales Tax With Max Surtax
      New Mexico 5% 8.688%

      New Mexico Income Tax

      State Income Tax (Low) Income Tax (High)
      New Mexico 1.7% 5.9%

      Goods & Services

      Item Socorro National avg. Difference
      Haircut $31.90$24.2631.5%
      Beauty Salon $50.83$45.5611.6%
      Toothpaste $3.62$3.702.3%
      Shampoo $1.15$1.2810.5%
      Movie $12.54$12.133.3%
      Bowling $20.89$18.0016.1%

      Groceries

      Item Socorro National avg. Difference
      Ground Beef $5.11$5.8412.5%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.63$4.671.0%
      Potatoes $4.18$4.9315.3%
      Pizza $13.42$12.0911.0%
      Beer $11.07$10.416.4%

      Health Care

      Item Socorro National avg. Difference
      Optometrist $136.89$125.688.9%
      Doctor $134.17$135.781.2%
      Dentist $111.42$113.291.7%
      Ibuprofen $10.43$10.652.1%
      Lipitor $380.06$468.6018.9%

      Housing

      Item Socorro National avg. Difference
      Home Price $135,700.00$184,700.0026.5%
      Avg. Mortgage Payment $1,905.97$2,346.6918.8%
      Apartment Rent $688.00$949.0027.5%

      Transportation

      Item Socorro National avg. Difference
      Gasoline $3.50$3.461.1%
      Tire Balancing $43.87$59.9226.8%

      Utilities

      Item Socorro National avg. Difference
      All Electricity $191.24$193.991.4%
      Phone $190.51$192.250.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Escondida, NM14982.1%
      Chamizal, NM62982.1%
      San Acacia, NM18982.1%
      San Antonio, NM9982.1%
      Alamillo, NM201982.1%
      Socorro, NM8,406919.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Arab, AL8,405928.2%
      Cape St. Claire, MD8,40513433.5%
      Greenville, MI8,4078614.3%
      Spring Valley Lake, CA8,40812726.9%
      Salem, UT8,40312322.8%
      Socorro, NM8,406919.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.