Socorro, Texas Income Statistics
Socorro Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
D
Socorro Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Socorro | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $55,674 | $78,939 | $80,455 |
| Median Personal Income | $37,121 | $56,913 | $60,758 |
| Average Yearly Income Growth | 7.0% | 4.6% | 4.8% |
| Six-Figure Earners | 2.4% | 13.0% | 13.9% |
| $200k+ Households | 2.2% | 12.5% | 13.2% |
The median household income in Socorro is about 29% lower than in Texas. Income has been growing faster in Socorro (7.0%/yr) than in Texas (4.6%/yr).
About 2% of adults in Socorro earn six figures ($100,000 or more) a year, lower than the Texas average of 13%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Socorro, Texas grew by 86.1% from 2009 to 2024, reaching $55,674 in 2024. That's an average of about 7.0% per year.
Income Inequality and the Gender Pay Gap in Socorro
| Metric | Socorro | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.570 | 0.552 |
| Male Median Income | $46,292 | $66,147 | $69,667 |
| Female Median Income | $32,966 | $53,058 | $56,850 |
| Gender Pay Gap | 28.8% | 19.8% | 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, it is 0.567, about the same as Texas's 0.570, so income here is about as evenly distributed as there, and higher than the US's 0.552, so income is less evenly distributed here than there.
Men's income is about 40% more than women's income in Socorro, Texas. Over a 35-year career, a 40% wage gap accumulates to roughly $466,410 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, Texas has widened from about 19% to 29% in 2024. Over that period the gap was widest at 29% in 2015, and was narrowest at 12% in 2010. In dollar terms, the gap has widened by $8,484 since 2009.
Employment
| Metric | Socorro | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 5.2% | 5.2% |
| Working from Home | 7.2% | 14.4% | 15.0% |
| Commute time (minutes) | 23 | 22 | 22 |
Approximately 798 people are unemployed in Socorro, Texas.
The average commute time in Socorro is 23 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Socorro, Texas has fallen from 10.9% to 5.4% in 2024. Over that period the rate peaked at 12.0% in 2014.
Conclusion
Considering all these factors, Socorro, Texas has an overall wealth index grade of D, making it somewhat worse than Texas, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Socorro, Texas.
How Rich Is Socorro, Texas?
Socorro 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 $55,674, about 29% lower than the Texas average of $78,939.
Are incomes growing in Socorro, Texas?
Between 2009 and 2024, the median household income in Socorro, Texas rose 86%, from $29,909 to $55,674. Over the same years, income here outpaced Texas as a whole: +86% against +64%.
What was the median household income in Socorro in 2023?
In 2023, the median household income in Socorro, Texas was $52,925, up 11% from $47,556 in 2022. The Texas median that year was $76,528.
What was the median household income in Socorro in 2020?
In 2020, the median household income in Socorro, Texas was $40,623. By 2024 it had risen 37% to $55,674.
What is the Gini coefficient in Socorro, Texas?
The Gini coefficient in Socorro is 0.567. 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, Texas?
Since 2009, the income gap between men and women in Socorro, Texas has widened from about 19% to 29% in 2024. Over that period the gap was widest at 29% in 2015, and was narrowest at 12% in 2010. In dollar terms, the gap has widened by $8,484 since 2009.
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