Cost of Living in Socorro County, New Mexico
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Socorro County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Socorro County ranks #1,156 of 3,144 counties for affordability (top 37%)
Data Story
About Cost of Living in Socorro County, New Mexico
Socorro County achieves best regional affordability
Socorro's 16.5% rent-to-income ratio stands below both the national average and New Mexico's state average of 19.4%, despite median household income of $47,556. The county manages this advantage through notably low housing costs, with median rent of just $653.
New Mexico's most affordable county for renters
Socorro ranks as New Mexico's most affordable county, with a 16.5% rent-to-income ratio significantly below the state average of 19.4%. This exceptional value stems from the county's rural character and limited demand pressure on housing.
Lowest rents anchor the south-central region
Socorro's $653 median rent represents the region's bargain floor, undercut only by Union County's $650 but substantially below Sierra ($695), San Miguel ($774), and northern counties. Home values ($143,200) remain accessible even for modest-income households.
Housing costs stay comfortably within budgets
Socorro households earning $47,556 annually dedicate just $653 monthly to rent (16.5% of income), the lowest proportional burden in New Mexico. Homeowners pay only $473 monthly, enabling households to allocate remaining earnings to savings and essentials.
Socorro offers genuine housing relief
If you prioritize housing affordability and can embrace a rural lifestyle, Socorro County delivers exceptional value with the state's lowest rent-to-income ratio. Remote workers and retirees will find substantial monthly savings compared to urban New Mexico markets.
Cost of Living Advisory: Socorro County
Affordability Verdict
Socorro County is affordable for renters, with a median gross rent of $653/month representing approximately 16.5% of median household income. The rent burden (GRAPI) stands at 32.0%.
Rent vs. Own
At $653/month rent versus $473/month in owner costs, owning is roughly $180/month cheaper — a 28% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $26,120/year. For owner costs at the 28% rule, the required income is roughly $20,271/year. With a median household income of $47,556, most households can comfortably afford rent here. Notably, 32.0% of renter households in Socorro County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Socorro County sits 7% less expensive than Colfax County ($704/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Socorro County
Rent Burden
16.5%
of gross income
Max Housing (28% Rule)
$1,110
per month
Owner Cost Burden
11.9%
of gross income
The median home in Socorro County may be a stretch
Median home value is $143,200. Estimated monthly cost: $1,143 vs. your max of $1,110.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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