Cost Of Living in Socorro, NM

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 living	91	93	100
Goods & Services	100	97	100
Groceries	97	97	100
Health care	96	97	100
Housing	73	86	100
Transportation	93	95	100
Utilities	99	90	100

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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 35% lower than the national average

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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	$24.26	31.5%
Beauty Salon	$50.83	$45.56	11.6%
Toothpaste	$3.62	$3.70	2.3%
Shampoo	$1.15	$1.28	10.5%
Movie	$12.54	$12.13	3.3%
Bowling	$20.89	$18.00	16.1%

Groceries

Item	Socorro	National avg.	Difference
Ground Beef	$5.11	$5.84	12.5%
Fried Chicken	$1.32	$1.57	16.1%
Milk	$4.63	$4.67	1.0%
Potatoes	$4.18	$4.93	15.3%
Pizza	$13.42	$12.09	11.0%
Beer	$11.07	$10.41	6.4%

Health Care

Item	Socorro	National avg.	Difference
Optometrist	$136.89	$125.68	8.9%
Doctor	$134.17	$135.78	1.2%
Dentist	$111.42	$113.29	1.7%
Ibuprofen	$10.43	$10.65	2.1%
Lipitor	$380.06	$468.60	18.9%

Housing

Item	Socorro	National avg.	Difference
Home Price	$135,700.00	$184,700.00	26.5%
Avg. Mortgage Payment	$1,905.97	$2,346.69	18.8%
Apartment Rent	$688.00	$949.00	27.5%

Transportation

Item	Socorro	National avg.	Difference
Gasoline	$3.50	$3.46	1.1%
Tire Balancing	$43.87	$59.92	26.8%

Utilities

Item	Socorro	National avg.	Difference
All Electricity	$191.24	$193.99	1.4%
Phone	$190.51	$192.25	0.9%

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.
Chamizal, NM	62	98	2.1%
San Acacia, NM	18	98	2.1%
San Antonio, NM	9	98	2.1%
Alamillo, NM	201	98	2.1%
Escondida, NM	14	98	2.1%
Socorro, NM	8,406	91	9.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Arab, AL	8,405	92	8.2%
Cape St. Claire, MD	8,405	134	33.5%
Greenville, MI	8,407	86	14.3%
Spring Valley Lake, CA	8,408	127	26.9%
Salem, UT	8,403	123	22.8%
Socorro, NM	8,406	91	9.5%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Socorro, NM