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: $209000
• 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: $None USD per Thousand Cubic Feet (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 None 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 Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 98.5

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $40699

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Socorro, NM, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.