Socorro is a city in New Mexico state in USA with a population of 8406 residents.. The poverty rate of Socorro is 25.7%, which is 84% higher than national average. The typical household in Socorro earns $43337 a year, compared to the national median of $67,500. Financial hardship is relatively common in the city as 1 in every 4 residents live below the poverty line, well above the national poverty rate of 14.1%. Additionally, more than 1 in every 10 area households live on an income of less than $10,000 a year. Nationwide, 5.8% of households do. Nearly 55.3% of households earn less than $50,000 a year compared to 39% national rate.

A high school education is a basic prerequisite for most jobs, and in Socorro, only 86% of adults have a high school diploma, compared to the 87.7% of adults nationwide. The unemployment rate of Socorro remained 2.9%, which is 38% lower than national rate. Higher educational attainment can lead to improved job security and reduce the likelihood of financial insecurity. In Socorro, only 29% of adults have a bachelor's degree and 28% have some college but no degree.

Cost of living in Socorro is 84, which is 16% lower than national average. Median home value in Socorro is $135700 , which is 41% lower than national average. While median income in Socorro remained $43337, which is 36% lower than national average.