Quick facts: Socorro, TX

Quick Facts

99.5
Cost of Living
below US average
37,772
Population
9.69
Crime Rate per 1000
below US average
$47,649
Median Income
below US average
$264,900
Median House Price
above US average
$1619.38
Average Rent
above US average
13%
Poverty Rate
above US average
5.6%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $47,649.

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Income Needed to Buy

βœ— Stretch
$83k/year
Based on $264,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $83k vs median $47,649
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Income Needed to Rent

⚠ Stretch
$69k/year
Based on $1619.38/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $69k vs median $47,649
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Socorro, TX

Socorro is a city located in El Paso County, Texas. Situated within the larger El Paso metropolitan area, it serves as a suburb to the city of El Paso, lying just to the east. Socorro has a rich cultural heritage, heavily influenced by its Hispanic community, which is reflected in its festivals, cuisine, and local traditions. The city is part of the historic Mission Trail, home to several significant missions from the Spanish Colonial era. Socorro's economy is primarily driven by retail, public services, and education, with several schools and institutions serving its residents. Socorro offers a variety of parks and recreational areas, making it family-friendly and conducive to outdoor activities. The city is known for its tight-knit community, where neighbors frequently gather for local events and celebrations. Accessibility is another advantage, with convenient routes connecting Socorro to El Paso and beyond. Overall, Socorro combines small-town charm with proximity to the amenities of a larger city, making it an appealing place to live or visit.

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