Wealth Index
Less wealthy than 78% of counties in New Mexico
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Socorro County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $48,910 | $62,378 | $78,145 |
| Median Personal Income | $45,825 | $53,658 | $61,726 |
| Average income growth | 5.5% | 4.6% | 5.1% |
| Six-Figure Earners | 5.2% | 9.5% | 13.2% |
The median household income in Socorro County is about 22% lower than in New Mexico. Income has been growing faster in Socorro County (5.5%/yr) than in New Mexico (4.6%/yr).
About 5% of adults in Socorro County earn six figures ($100,000 or more) a year, lower than the New Mexico average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Socorro County, New Mexico grew by 48.3% from 2009 to 2023, reaching $48,910 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Socorro County | Gender Pay Gap | Gini Coefficient
| Metric | Socorro County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.592 | 0.582 | 0.570 |
| Male Median Income | $54,461 | $58,181 | $67,746 |
| Female Median Income | $39,968 | $48,923 | $54,793 |
| Gender Pay Gap | 26.6% | 15.9% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Socorro County, it is 0.592, higher than New Mexico's 0.582, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 36% more than women's income in Socorro County, New Mexico. Over a 35-year career, a 36% wage gap accumulates to roughly $507,255 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Socorro County, New Mexico has widened from about 26% to 27% in 2023. In dollar terms, the gap has widened by $3,938 since 2009.
Employment
| Metric | Socorro County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.4% | 5.9% | 5.2% |
| Working from Home | 16.0% | 11.0% | 13.4% |
| Commute time (minutes) | 10 | 18 | 22 |
Approximately 139 people are unemployed in Socorro County, New Mexico.
The average commute time in Socorro County is 10 minutes, shorter than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Socorro County, New Mexico has fallen from 6.2% to 2.4% in 2023.
Conclusion
Considering all these factors, Socorro County, New Mexico has an overall wealth index grade of D, making it somewhat worse than New Mexico, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Socorro County, New Mexico.
How Rich Is Socorro County, New Mexico?
Socorro County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $48,910, about 22% lower than the New Mexico average of $62,378.
What is the current median household income in Socorro County, New Mexico?
As of 2023, the median household income in Socorro County, New Mexico is $48,910.
What was the median household income in Socorro County in 2023?
In 2023, the median household income in Socorro County, New Mexico was $48,910.
What was the median household income in Socorro County in 2020?
In 2020, the median household income in Socorro County, New Mexico was $40,216.
What is the Gini coefficient in Socorro County, New Mexico?
The Gini coefficient in Socorro County is 0.592. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Socorro County, New Mexico?
Since 2009, the income gap between men and women in Socorro County, New Mexico has widened from about 26% to 27% in 2023. In dollar terms, the gap has widened by $3,938 since 2009.