Garcia Opera House · Photo: TDBurleigh · CC BY-SA 3.0Measured against area pay, Socorro costs more to live in than 79% of U.S. towns
It ranks #63 of 72 in New Mexico for affordability. Up 3.3% in a year, 38% below the New Mexico typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of Socorro County, NM ($37K). How TownRatings grades cost of living
Only 4 sales in September 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
The grade compares costs with what households across Socorro County earn ($37K, Census 2020–24). Even so, the typical home costs 4.2 years of area income, and 57% of renters pay 30% or more of income for housing.
In dollars
- $195Ktypical home, 38% below the New Mexico typical homeZillow, September 2026
- $970a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
In paychecks the grade
- 4.2 yrsof area income buys the typical home; the typical U.S. town: 3.3$37K, Socorro County income
- 23%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 57%of renters pay 30%+ of income for housing; across New Mexico: 50%Census 2020–24
- 15%of owners do; the typical U.S. town: 20%Census 2020–24
What stands out about housing in Socorro
What’s behind Socorro’s grade
Measured against what households in the area earn, Socorro is more affordable than 21% of U.S. towns, #63 of 72 in New Mexico. Rent pulls the grade down most; property tax holds it up.
Values have lagged New Mexico: the typical Socorro home is up 7.0% in five years, against 25.1% statewide (Zillow).
Up 7% in five years
Slower than New Mexico (25.1%).
Show as a table
| January | Socorro | New Mexico |
|---|---|---|
| 2017 | $161,000 | $177,000 |
| 2018 | $150,000 | $183,000 |
| 2019 | $165,000 | $191,000 |
| 2020 | $154,000 | $203,000 |
| 2021 | $170,000 | $228,000 |
| 2022 | $187,000 | $261,000 |
| 2023 | $195,000 | $285,000 |
| 2024 | $184,000 | $299,000 |
| 2025 | $185,000 | $310,000 |
| 2026 | $193,000 | $313,000 |
| September 2026 | $195,000 | $316,000 |
A typical Socorro home worth $162K in October 2016 is worth about $195K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A typical home costs 4.2 years of area income
The calculator starts from the area income the grade uses. Switch to Socorro’s own median, or type yours.
That’s $48K short of a typical Socorro home.
A two-bedroom rents for about $970 a month here, $170 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Socorro’s typical property tax (0.76% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $970
Renters already here pay a median of $711, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Socorro County, NM): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
No new homes permitted in 2019
No permits for new homes were issued in Socorro in 2019. The last year with any was 2018 (2 new homes).
Between the 2010 and 2020 censuses, Socorro's population fell by 344 even though 18 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across New Mexico: 1.2 new residents per new home.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2019 | 0 | 0 | 0 | — |
| 2018 | 2 | 2 | 0 | $359,000 |
| 2017 | 3 | 3 | 0 | $538,000 |
| 2016 | 1 | 1 | 0 | $164,000 |
| 2015 | 4 | 1 | 3 | $345,000 |
| 2014 | 1 | 1 | 0 | $217,000 |
| 2013 | 3 | 3 | 0 | $402,000 |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 0 | 0 | 0 | — |
| 2010 | 4 | 4 | 0 | $506,000 |
| 2009 | 4 | 4 | 0 | $752,000 |
| 2008 | 17 | 13 | 4 | $2.5 million |
| 2007 | 16 | 16 | 0 | $2.9 million |
| 2006 | 49 | 25 | 24 | $4.7 million |
| 2005 | 23 | 7 | 16 | $2.2 million |
| 2004 | 4 | 4 | 0 | $357,000 |
| 2003 | 8 | 6 | 2 | $1.3 million |
| 2002 | 22 | 14 | 8 | $2.5 million |
| 2001 | 10 | 10 | 0 | $968,000 |
| 2000 | 8 | 8 | 0 | $1.3 million |
Socorro's permit office hasn't appeared in the Census permit files since 2019, so these are its newest figures.
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Low tax bills, but a high tax rate
The median bill is $1,155, under the New Mexico median of $1,731, because homes cost less. As a share of value it’s 0.76% a year, against 0.70% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
Socorro and its neighbors
One source per column.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Socorro | C− | $195K | $153K | 0.76% | $970 |
Questions about the cost of living in Socorro
Is Socorro expensive to live in?
Measured against what households in the area earn, Socorro costs more than 79% of U.S. towns: a C− for cost of living, #63 of 72 in New Mexico. The typical home costs 4.2 years of the median household income of Socorro County, NM ($37K).
How much does a house cost in Socorro?
About $195K, Zillow’s typical value for September 2026, up 3.3% in a year. The New Mexico typical home is $316K.
What salary do you need to live in Socorro?
To buy the typical home with 20% down at 6.3%, about $49,000 a year, keeping the payment (about $1,140 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $39,000.
How much is rent in Socorro?
HUD puts a two-bedroom at about $970 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $711 (Census 2020–24).
What are property taxes in Socorro?
The median bill is $1,155 a year, 0.76% of the median home value (New Mexico: $1,731, 0.70%), from the Census 2020–24.
Are home prices in Socorro going up?
Yes: up 3.3% in the past year and 7.0% in five years, against 25.1% across New Mexico (Zillow).
Neighbors talk housing
What Socorro buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.