Cost of Living: Socorro, NM vs Fairhope, AL
Housing
The housing market plays a significant role in determining the cost of living.
| Metric | Socorro | Fairhope |
|---|---|---|
| Housing Index | 95.0 | 85.0 |
| Median Home Price | $209,000 | $295,000 |
| Average Rent (2 BR Apartment) | $1200 | $1200 |
| Average Rent (2 BR House) | $1300 | $1280 |
Housing Comparison: Socorro vs Fairhope
- The median home price in Fairhope is higher at $295,000, compared to $209,000 in Socorro.
- The rent for a two-bedroom apartment is equal in both Socorro and Fairhope at $1,200.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living.
| Metric | Socorro | Fairhope |
|---|---|---|
| Electricity Price | $14.44 | $15.03 |
| Natural Gas Price | $Data is updating | $21.76 |
| Other Utilities | $200 | $200 |
Utilities Comparison: Socorro vs Fairhope
- Fairhope has higher electricity costs at $15.03 per kWh, versus $14.44 in Socorro.
- Natural gas price data is currently unavailable.
- Utility expenses are equal in both Socorro and Fairhope averaging $200.