Cost of Living in Socorro, NM
Housing
The housing market plays a significant role in determining the cost of living in Socorro, NM.
- Housing Index: 95.0 / 100
- Median Home Price is: $209,000
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1300 per month
Considering a move to Socorro, NM? With a housing index of 95.0, this market remains relatively affordable compared to the national average, making it appealing for new residents. A median home price of 209000 provides opportunities for homebuyers, while the average rent for a 2-bedroom apartment at 1200 and for a 2-bedroom house at 1300 presents reasonable options for renters. Overall, Socorro is positioned as a vibrant and cost-effective choice for those seeking an affordable lifestyle without sacrificing amenities.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Socorro, NM.
- Electricity Price: $14.44 USD (median by state)
- Natural Gas Price: Data is updating (median by state)
- Other Utilities (water, garbage, etc.): $200 per month
Living in Socorro, NM could entail higher utility costs. Electricity costs sit at $14.44, while natural gas is priced at data unavailable per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $200 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Socorro is a financially viable option for your relocation.