Total monthly cost of ownership
Cost to Own a Home in Socorro, New Mexico
A $162,000 home here costs
$1,334per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $833. The real number is $501 higher every month — 60% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Socorro against Socorro County and New Mexico
| Measure | Socorro | Socorro County |
|---|---|---|
| Median home value | $162,400 | $143,200 |
| Median property tax | $1,206 | $792 |
| Effective tax rate | 0.743% | 0.553% |
| Median gross rent | $675 | $653 |
| Population | 8,540 | 16,308 |
The weather behind that power bill
Socorro sits in Socorro County, which averages a high of 91.5°F in its hottest month and a low of 23.3°F in its coldest, with 10.05" of precipitation a year and 58% of it in a single three-month stretch. That climate drives 1,205 cooling and 3,909 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Socorro County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Socorro County
Full Socorro County cost breakdown · Every county in New Mexico
Common questions
How much does it cost to own a home in Socorro?
A $162,000 home in Socorro, New Mexico costs approximately $1,334 per month with 20% down at 6.66%. That is $833 principal and interest, $100 property tax, $71 homeowners insurance, $195 utilities and $135 set aside for maintenance.
What is the property tax rate in Socorro?
Socorro has an effective property tax rate of 0.743%, based on a median home value of $162,400 and median real estate taxes of $1,206. That is higher than the Socorro County average of 0.553%.
What is the average home price in Socorro?
The median owner-occupied home value in Socorro, New Mexico is $162,400, against $143,200 across Socorro County.
Is it cheaper to rent or buy in Socorro?
Median gross rent in Socorro is $675 a month, against $1,334 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Socorro — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for New Mexico.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.