1st Advantage MortgageSocorro County households have a median income of $36,570 and median rent of $691 a month (ACS 2020 to 2024). Your income, debts and credit decide what you qualify for. Get offers in writing, compare the total repaid, and never pay a fee up front.
On this page
- Socorro County, NM: the basics
- What it costs to live in Socorro County
- Income in Socorro County compared with New Mexico
- How Socorro County residents earn a living
- The counties around Socorro County
- Socorro County towns compared
- A Socorro County household budget, worked through
- Local borrowing considerations for Socorro County
- People and households in Socorro County
- Four steps for Socorro County borrowers
- Lender oversight for Socorro County
- Related local guides
- Frequently asked questions
Socorro County, NM: the basics
With an estimated 16,200 residents (ACS 2020 to 2024), Socorro County ranks 22nd of 33 in New Mexico for population. Land area is 6,646 square miles (2024 Gazetteer), so density runs near 2 per square mile. Under the July 2023 OMB definitions, Socorro County is not part of any metropolitan area. The Census Bureau counts 16 places in the county (2 incorporated, 14 census-designated); the largest is Socorro, with about 8,481 residents, or 52% of the county.
What it costs to live in Socorro County
Renters in Socorro County pay a median of $691 a month, 35% below the New Mexico figure of $1,067. By the Census definition, 63% of Socorro County renters are cost-burdened. The median owner-occupied home is valued at $137,500, about 3.8 times the median household income. 75% of Socorro County households own their home and 25% rent. Half the housing stock was built before 1980.
| Cost | Socorro County | New Mexico figure | Median county, U.S. |
|---|---|---|---|
| Median gross rent | $691/mo | $1,067/mo | $877/mo |
| Median home value | $137,500 | $248,100 | $185,300 |
| Owners | 75% | 70% | 75% |
| Rent-burdened renters | 63% | 50% | 45% |
| Burdened owners | 30% | 29% | n/a |
| Vacant units | 32% | 12% | n/a |
Because most Socorro County households own, home repairs are a frequent reason to borrow. An unsecured personal loan leaves the house out of the deal, while a HELOC uses it as collateral. High rent burdens leave little slack. If you are borrowing to consolidate, make sure the new payment is lower than the ones it replaces.
Income in Socorro County compared with New Mexico
Half of Socorro County households take in less than $36,570 a year and half take in more, 43% below the New Mexico median of $64,059.
| Band | Socorro County | Compared with New Mexico |
|---|---|---|
| Under $35,000 | 48.5% | +19.9 pts |
| $35,000 to $99,999 | 37.6% | -2.9 pts |
| $100,000 to $199,999 | 10.5% | -12.5 pts |
| $200,000 or more | 3.4% | -4.5 pts |
The spread is wide: 14% of Socorro County households make $100,000 or more, and 49% make less than $35,000. Census counts 33.2% of Socorro County residents in poverty, against 17.8% across New Mexico. The Gini index of income inequality is 0.554 (0 is perfect equality). A household earning below the $36,570 median should test any payment carefully; one earning above it should still pick the shortest term it can manage.
How Socorro County residents earn a living
The biggest employer of Socorro County residents, by industry, is education and health care at 32% of workers, followed by retail trade (16%). Compared with New Mexico, the county leans toward education and health care (32% against 26%). ACS puts five-year average unemployment at 1.3% in Socorro County. Long commutes are the exception here: 8% of workers spend 45 minutes or longer getting to work. Households without a car make up 6.7% of the total (5.6% statewide).
| Industry | Share of Socorro County workers | vs New Mexico |
|---|---|---|
| Education and health care | 31.8% | +6.1 pts |
| Retail trade | 15.6% | +4.8 pts |
| Professional and administrative services | 13.4% | +0.5 pts |
| Agriculture, forestry and mining | 8.6% | +5.0 pts |
| Other services | 6.7% | +1.6 pts |
| Construction | 6.5% | -1.1 pts |
A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.
The counties around Socorro County
Distances run center to center, from Valencia County at 51 miles out to Lincoln County at 87. Income ranges from $41,600 in Sierra County to $69,473 in Bernalillo County; all six of these neighbors top Socorro County's median.
| County | Miles | Median household income | Median rent | Homeownership |
|---|---|---|---|---|
| Socorro County | - | $36,570 | $691/mo | 75% |
| Valencia County, NM | 51 mi | $58,933 | $1,015/mo | 83% |
| Sierra County, NM | 62 mi | $41,600 | $729/mo | 72% |
| Torrance County, NM | 71 mi | $57,842 | $872/mo | 82% |
| Bernalillo County, NM | 75 mi | $69,473 | $1,144/mo | 65% |
| Catron County, NM | 84 mi | $49,864 | $736/mo | 94% |
| Lincoln County, NM | 87 mi | $53,303 | $956/mo | 77% |
Socorro County towns compared
Here are the 14 most populous of the county's 16 Census places, with income and rent from the same 2020 to 2024 survey. About 75% of Socorro County residents live in one of the 16. Live in one of these Socorro County communities, or between them? This is your local guide.
| Place | Type | Population | Median income | Median rent | From county center |
|---|---|---|---|---|---|
| Socorro | city | 8,481 | $39,375 | $711 | 5 mi |
| Polvadera | CDP | 1,033 | $27,158 | n/a | 15 mi |
| Magdalena | village | 976 | n/a | n/a | 19 mi |
| Lemitar | CDP | 316 | $93,902 | n/a | 11 mi |
| Alamillo | CDP | 247 | n/a | n/a | 18 mi |
| Alamo | CDP | 246 | n/a | n/a | 44 mi |
| San Acacia | CDP | 176 | n/a | n/a | 18 mi |
| La Joya | CDP | 159 | n/a | n/a | 25 mi |
| Veguita | CDP | 157 | $11,354 | n/a | 37 mi |
| San Antonito | CDP | 142 | n/a | n/a | 8 mi |
| San Antonio | CDP | 89 | n/a | n/a | 7 mi |
| Las Nutrias | CDP | 64 | n/a | n/a | 34 mi |
| Luis Lopez | CDP | 53 | n/a | n/a | 3 mi |
| Chamizal | CDP | 35 | n/a | n/a | 16 mi |
A CDP is a named community without its own municipal government.
A Socorro County household budget, worked through
The debt-to-income ratio is the main affordability test lenders use. Applied to Socorro County's medians:
- Median income divided by twelve: $3,048 before taxes
- 23% goes to median rent ($691)
- With a 36% ceiling, about $406 remains for car, card, student and any new loan payments
Subtract what you already pay on other debts. A new payment should fit in what remains, with some to spare.
Local borrowing considerations for Socorro County
Based on the Socorro County data above, these borrowing questions are most likely to matter locally.
- 39% mobile homes. Many are not titled as real estate, so home-equity options may not apply; an unsecured loan is the usual route.
- Free help first. 33% of residents live below the poverty line; utility, rent and food programs cost nothing to repay (free options).
- Tight rental budgets. With 63% of Socorro County renters cost-burdened, test a new payment against a lean month.
People and households in Socorro County
19% of Socorro County adults 25 and older hold a bachelor's degree or more. About 9% go without health insurance.
| Measure | Socorro County | New Mexico statewide | Typical U.S. county |
|---|---|---|---|
| Median age | 40.3 | 39.4 | 41.5 |
| Bachelor's or higher | 19.0% | 31.0% | 22.2% |
| No high school diploma | 14.7% | 12.0% | n/a |
| No health insurance | 9.4% | 9.6% | 7.8% |
| No vehicle | 6.7% | 5.6% | 5.4% |
| Work from home | 18.0% | 12.2% | 8.7% |
| Poverty rate | 33.2% | 17.8% | 13.2% |
| Unemployment (ACS) | 1.3% | 6.0% | 4.4% |
| Travel time to work | Workers |
|---|---|
| Under 15 min | 67.2% |
| 15 to 29 min | 17.4% |
| 30 to 44 min | 7.2% |
| 45 to 59 min | 2.3% |
| 60+ min | 5.9% |
Four steps for Socorro County borrowers
A short checklist for Socorro County borrowers:
- Write down what the expense costs; a smaller loan costs less.
- Collect three written offers and compare APR and total repaid.
- Only work with lenders licensed for New Mexico borrowers.
- Ask a Socorro County credit union about member loans.
Lender oversight for Socorro County
Socorro County borrowers fall under statewide rules, enforced by the New Mexico Financial Institutions Division. The Consumer Financial Protection Bureau accepts complaints nationwide. The New Mexico guide covers state rules in more detail.
Related local guides
The New Mexico guide covers the whole state.
Frequently asked questions
Is Socorro County a high-income county?
Its $36,570 median ranks 31st of 32 New Mexico counties and compares with $65,681 for the median U.S. county.
Is Socorro County expensive for renters?
Median rent is $691 against $1,067 statewide, and 63% of renter households are cost-burdened.
I own my home in Socorro County. Personal loan or HELOC?
A HELOC uses the house as collateral; a personal loan usually does not. With 75% of homes owner-occupied here, many readers can compare both in writing.
I live in a small Socorro County town. Is this my guide?
Yes. If your town has no city guide, this county page is the local one; it covers Socorro, Polvadera, Magdalena, Lemitar, Alamillo and 11 more.
Can Socorro County residents use the questionnaire?
Yes. It asks the same questions in every New Mexico county, lists every requirement up front and does not affect your credit score.