Socorro, NM
Discover how far your salary goes in Socorro. Compare taxes, rent, and living costs.
8,707
5.9%
$1,012
/month
-28%
below avg
How far would your salary go in Socorro?
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Rent Prices in Socorro
Studio
$810
/month
$9,720/year
1 Bedroom
$1,012
/month
$12,144/year
2 Bedroom
$1,366
/month
$16,392/year
3 Bedroom
$1,771
/month
$21,252/year
Taxes in New Mexico
State Income Tax
New Mexico
For a $100k salary, that's ~$5,900/year in state taxes.
Federal Income Tax
Same nationwide
Federal taxes use progressive brackets. The more you earn, the higher your marginal rate.
Learn how tax brackets workMore Affordable Alternatives
Cities with lower cost of living where your money goes further:
Frequently Asked Questions
What is the cost of living in Socorro, NM?▼
Socorro has a cost of living index of 94, which is 6% below the national average. A 1-bedroom apartment costs around $1,012/month.
What is the state income tax in New Mexico?▼
New Mexico has a state income tax rate of approximately 5.9%. This is in addition to federal income tax.
How much is rent in Socorro?▼
The median rent for a 1-bedroom apartment in Socorro is $1,012/month. For a 2-bedroom, expect to pay around $1,366/month. This is 28% below the national average.
Is Socorro a good place to live?▼
Socorro is a small town with a population of 8,707. The cost of living is below average, making it more affordable than average for the US.
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