Cost of Living: Socorro, NM vs Hope, AR
Housing
The housing market plays a significant role in determining the cost of living.
| Metric | Socorro | Hope |
|---|---|---|
| Housing Index | 95.0 | 70.5 |
| Median Home Price | $209,000 | $150,000 |
| Average Rent (2 BR Apartment) | $1200 | $800 |
| Average Rent (2 BR House) | $1300 | $816 |
Housing Comparison: Socorro vs Hope
- In Socorro, the median home price is higher at $209,000, while in Hope it is $150,000.
- In Hope, the rental for a two-bedroom apartment stands at $800, while it is $1,200 in Socorro.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living.
| Metric | Socorro | Hope |
|---|---|---|
| Electricity Price | $14.44 | $12.36 |
| Natural Gas Price | $Data is updating | $17.08 |
| Other Utilities | $200 | $200 |
Utilities Comparison: Socorro vs Hope
- Electricity costs are higher in Socorro at $14.44 per kWh, compared to $12.36 in Hope.
- Natural gas price data is currently unavailable.
- Utility expenses are equal in both Socorro and Hope averaging $200.