Socorro, NM is an attractive town for those looking for a cheaper cost of living. According to the given information, 2 bedroom rent in Socorro is around $800 compared to the US average of $1,430. Grocery Cost Index in Socorro is 92 versus 100 in the US. This means that groceries are cheaper than the average found across the USA. There are many great local companies and attractions in Socorro as well. Some of these companies include Southwest Motors, NMSU Bookstore, and Valley Cheese & Wine. If you're looking for something fun to do, a popular attraction is Southwestern University's Institute of Electric Inquiry Museum which offers interactive displays and a beautiful outdoor patio with views of the river and desert landscape. So if you're looking for a place to call home with great local companies and attractions at an affordable price point then Socorro, NM may be perfect for you!
Socorro has an unemployment rate of 6.6%. The US average is 6.0%.
Socorro has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 27.2%, which is lower than the US average of 33.5%.
Tax Rates for Socorro
- The Sales Tax Rate for Socorro is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Socorro is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Socorro
- The average income of a Socorro resident is $16,422 a year. The US average is $28,555 a year.
- The Median household income of a Socorro resident is $45,142 a year. The US average is $69,021 a year.