Total monthly cost of ownership
Cost to Own a Home in Socorro, New Mexico
A $162,000 home here costs
$1,366per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $58,500 a year.
A standard mortgage calculator would have told you $883. The real number is $482 higher every month, 55% more than the payment most buyers budget for.
Compare Socorro County with anywhere in America · full county breakdown
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 $108 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
Talk to someone who works this market
These are Socorro averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Socorro every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Socorro I already own here and may sell
Common questions
How much does it cost to own a home in Socorro?
A $162,000 home in Socorro, New Mexico costs approximately $1,366 per month with 20% down at 7.24%. That is $883 principal and interest, $100 property tax, $71 homeowners insurance, $176 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 $1,366 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Socorro?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Socorro, New Mexico at today's rate takes a household income of roughly $58,500 a year. That covers the full $1,366 monthly cost, not just the mortgage payment.
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.