States › New Mexico › Socorro

Is Socorro, NM expensive to live in?

ExpensiveRent takes 37 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,30825% lower than U.S. average
💵 Families earn per year (2026)$42,466about $3,539/month · 51% lower than U.S. average
🔑 House price$152,90054% lower than U.S. average

Rent is lower than in 68% of U.S. cities. A typical house costs about 3.6 years of household income. Commutes are short, about 11.3 minutes.

How much money do I need?

To rent here comfortably, you should earn about $52,320 a year. That is $25 an hour at a full-time job.

Is rent cheaper than other New Mexico cities?

No. Rent here is more expensive than in most of New Mexico. It is number 32 of 44 cities from cheapest to most expensive.

Socorro
$1,308
Corrales
$1,212
Anthony
$961
Grants
$916
Bernalillo
$1,513
Ruidoso
$1,480
Shiprock
$461

How much do households earn in Socorro?

Under $25k
37.0%
$25k–50k
20.9%
$50k–100k
24.8%
$100k–150k
7.1%
$150k+
4.4%

Share of households by yearly income. 11.5% of households earn $100,000 or more.

Rent by apartment size in Socorro

SizeSocorroU.S. average
Studio$507$1,338
1 bedroom$703$1,324
2 bedrooms$584$1,509
3 bedrooms$1,005$1,698

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Socorro overall?

Everyday prices in New Mexico overall are 8% below the U.S. average (index 92.2, U.S. = 100).

Housing
74
Goods (food, clothes…)
96
Utilities
78
Other services
99
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Socorro, so the New Mexico figure is shown.

Taxes and bills in Socorro

🏛️ Property tax$1,155a year · 0.76% of home value · U.S. $3,119
⚡ Electric bill$125a month (typical) · U.S. $156

Life in Socorro

Commute to work11.3 minU.S.: 26.4 min
College degree25.1%U.S.: 35.7%
Own their home57.3%U.S.: 65.2%
Below poverty line32.6%U.S.: 12.5%
Unemployment2.1%U.S.: 5.2%

Is it cheaper to rent or buy in Socorro?

Buying is cheaper month to month: about $247 a month less than renting.

Renting
$1,308
Owning
$1,061

Owning assumes a typical $152,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $15,290 for the down payment.

Frequently asked questions

What is the average rent in Socorro, NM?

Renting in Socorro costs a median of about $1,308 a month in 2026, including utilities. The New Mexico median is $1,181.

How much do I need to make to live in Socorro?

To keep rent under 30% of income, you need about $52,320 a year, or $25 an hour at a full-time job.

Is Socorro cheap or expensive?

Socorro is rated Expensive: rent takes 37.0% of the typical household income of $42,466. It ranks 32nd cheapest of 44 New Mexico cities we track.

How much are property taxes in Socorro?

The median homeowner in Socorro pays $1,155 a year in property taxes, about 0.76% of the median home value.

Is Socorro more expensive than the national average?

Overall prices in New Mexico are 8% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Socorro?

The median home value in Socorro is $152,900, about 3.6 times the typical yearly household income.

8,481 people live in Socorro. Numbers are typical (middle) values.