Socorro County, New Mexico Income Statistics
Socorro County Wealth Score
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.
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D
Socorro County Well below averageLess wealthy than 78% of counties in New Mexico
Source: Map AI Methodology
Income Statistics Overview
| Metric | Socorro County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $37,471 | $64,523 | $80,455 |
| Median Personal Income | $44,136 | $52,404 | $60,758 |
| Average Yearly Income Growth | 1.9% | 4.4% | 4.8% |
| Six-Figure Earners | 5.1% | 10.2% | 13.9% |
| $200k+ Households | 3.4% | 7.8% | 13.2% |
The median household income in Socorro County is about 42% lower than in New Mexico. Income has been growing slower in Socorro County (1.9%/yr) than in New Mexico (4.4%/yr).
About 5% of adults in Socorro County earn six figures ($100,000 or more) a year, lower than the New Mexico average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Socorro County, New Mexico grew by 13.6% from 2009 to 2024, reaching $37,471 in 2024. That's an average of about 1.9% per year.
Income Inequality and the Gender Pay Gap in Socorro County
| Metric | Socorro County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.603 | 0.567 | 0.552 |
| Male Median Income | $57,350 | $60,037 | $69,667 |
| Female Median Income | $41,797 | $51,390 | $56,850 |
| Gender Pay Gap | 27.1% | 14.4% | 18.4% |
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 0.603, higher than New Mexico's 0.567, so income is less evenly distributed here than there, and higher than the US's 0.552, so income is less evenly distributed here than there.
Men's income is about 37% more than women's income in Socorro County, New Mexico. Over a 35-year career, a 37% wage gap accumulates to roughly $544,355 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 2024. Over that period the gap was widest at 38% in 2011, and in 2018 women out-earned men by 29%. In dollar terms, the gap has widened by $4,997 since 2009.
Sharply against the trend: the pay gap in Socorro County widened by 0.7 points while New Mexico's narrowed by 8.9 points.
Employment
| Metric | Socorro County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.2% | 5.9% | 5.2% |
| Working from Home | 18.0% | 12.2% | 15.0% |
| Commute time (minutes) | 11 | 18 | 22 |
Approximately 64 people are unemployed in Socorro County, New Mexico.
The average commute time in Socorro County is 11 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 1.2% in 2024. Over that period the rate peaked at 7.6% in 2014.
Socorro County, NM Wealth Compared With Nearby Counties
Socorro County, NM is the 4th largest of the 6 counties compared here, 16,198 residents against a local median of 26,844. The measure that sets Socorro County, NM apart most is unemployment: 1.2%, 82% below the local median of 6.9%. That is the better end of the local range on this measure.
Income growth tells the same story from another angle: 1.9%/yr against a local median of 4.5%/yr, 58% below it. The picture is mixed rather than uniform: unemployment runs ahead of the neighbourhood while income growth runs behind it, so Socorro County, NM is trading one against the other rather than simply out-performing what surrounds it. The counties themselves spread 6.3% on unemployment, so Socorro County, NM sits at one end of an already wide local range rather than apart from it. Socorro County, NM has the lowest unemployment of the 6 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Socorro County, NM | 16,198 | $37,471 #6/6 | 1.9%/yr #6/6 | 1.2% #1/6 | 0.603 #5/6 |
| Valencia County, NM | 78,461 | $59,334 | 4.5%/yr | 6.9% | 0.579 |
| Sierra County, NM | 11,501 | $42,832 | 4.8%/yr | 4.2% | 0.499 |
| Bernalillo County, NM | 672,163 | $69,651 | 4.5%/yr | 5.3% | 0.547 |
| Torrance County, NM | 15,478 | $58,548 | 8.2%/yr | 9.0% | 0.528 |
| Cibola County, NM | 26,844 | $50,436 | 4.2%/yr | 10.5% | 0.611 |
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 $37,471, about 42% lower than the New Mexico average of $64,523.
How has median household income changed in Socorro County, New Mexico?
Between 2009 and 2024, the median household income in Socorro County, New Mexico rose 14%, from $32,989 to $37,471. Over the same years, income here lagged behind New Mexico as a whole: +14% against +50%.
What was the median household income in Socorro County in 2023?
In 2023, the median household income in Socorro County, New Mexico was $48,913, up 20% from $40,802 in 2022. The New Mexico median that year was $62,406.
What was the median household income in Socorro County in 2020?
In 2020, the median household income in Socorro County, New Mexico was $40,219. By 2024 it had fallen 7% to $37,471.
Is unemployment high in Socorro County, New Mexico?
Unemployment in Socorro County, New Mexico is only 1.2%, well below the New Mexico rate of 5.9%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Socorro County, New Mexico?
The Gini coefficient in Socorro County is 0.603. 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 0.552, 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 2024. Over that period the gap was widest at 38% in 2011, and in 2018 women out-earned men by 29%. In dollar terms, the gap has widened by $4,997 since 2009.
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