Socorro, NM County is a great place to live. It offers a very affordable rent for two bedroom apartments at only $800, which is significantly lower than the national average of $1,430. Additionally, grocery costs in Socorro County are relatively low when compared to the US index of 100 with its index being 92. This county is a popular destination for those looking to save money but still have plenty of access to local amenities. Some of the most well-known companies based in Socorro County include Santa Fe Railroad, Presco Inc., and Valerio Dairy Products Corporation.
Socorro County has an unemployment rate of 6.6%. The US average is 6.0%.
Socorro County has seen the job market decrease by -4.9% 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 County
- The Sales Tax Rate for Socorro County is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Socorro County 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 County
- The average income of a Socorro County resident is $19,840 a year. The US average is $37,638 a year.
- The Median household income of a Socorro County resident is $38,242 a year. The US average is $69,021 a year.