Socorro County Real Estate and Livability Trends
Socorro County in New Mexico has seen diverse real estate trends, with median home values fluctuating sharply—dropping to $97,200 in 2018 before rising to $132,700 by 2022. This uneven pattern, unlike the steady increases observed statewide and nationally, might present high-reward opportunities for savvy investors. Residential energy tax credits per return spiked in 2020, signaling a budding... Read more
Socorro County Market Trends
Socorro County's median home values have shown notable volatility over the past eight years, with values dropping to a low of $97,200 in 2018 before rebounding to $132,700 by 2022. This contrasts with the relatively steady increases seen in New Mexico and nationwide, suggesting potential high-reward opportunities for investors willing to navigate market fluctuations. Residential energy tax... Read more
Median Value of Occupied Housing Units in Socorro County, New Mexico Over the Last 8 Years
Socorro County's median home values have experienced fluctuating trends over the past eight years, with a notable dip in 2017 and 2018, hitting a low of $97,200 in 2018 before rebounding to $132,700 by 2022. This variability contrasts with New Mexico's steady increase, moving from $160,300 in 2015 to $216,000 in 2022, and the national trend, which also saw consistent growth from $125,500 to $179,400 during the same period. For investors, these fluctuations in Socorro County could imply potential for high reward, but they should also consider the relative stability observed in broader state and national markets.
Residential Energy Tax Credit Per Tax Return in Socorro County, NM Over the Last 9 Years
Socorro County, New Mexico has witnessed a notable uptick in the average residential energy tax credits claimed per tax return over the past nine years, peaking at $2,525.00 in 2020. This trend indicates an increasing investment in energy-efficient improvements by homeowners, likely driven by rising energy costs and broader awareness of sustainable practices. For real estate agents and investors, this trend could signal a growing market for properties with energy-efficient features. Insurance agents and appraisers might observe that such homes are potentially holding more value, given the substantial credits being claimed. Those looking to build or move to the area might find it beneficial to incorporate energy-saving upgrades into their plans to take advantage of these escalating tax credits.
Average Real Estate Taxes Per Tax Return in Socorro County, NM Over the Last 10 Years
In Socorro County, New Mexico, average real estate taxes per tax return have shown a noticeable upward trend over the past decade. Starting at approximately $1,774.00 in 2012, taxes have incrementally risen to about $2,850.00 by 2021. The most significant jumps occurred between 2017 and 2020, suggesting a surge in property values or changes in tax assessments. Such increases in real estate taxes could indicate growing demand and potentially rising property values, making it an important factor for investors, real estate agents, and potential homeowners to consider.
Percentage of Farm Returns in Socorro County, NM Over the Last 10 Years
Over the last decade, Socorro County in New Mexico has seen a slight but steady decline in the percentage of farm tax returns, from approximately 4.28% in 2012 to around 3.85% in 2021. Farm tax returns likely reflect the number of active farming operations filing taxes, indicating shifts within the agricultural community. This trend could suggest a gradual reduction in farm-related economic activities, which may impact local property values and investment opportunities. Potential real estate developers or prospective residents might be interested in these patterns as they evaluate the long-term viability of agricultural operations and their effects on the local economy.
Number of Mortgages by Occupancy Type in Socorro County, NM Over the Last 5 Years in Socorro County
The trend data for Socorro County, New Mexico shows a variable but generally high demand for principal residences over the last five years, peaking in 2021 with 424 mortgages and showing a dip to 309 in 2022. Investment property mortgages have remained relatively stable, while second residence mortgages have had minor fluctuations. These shifts in occupancy type could potentially affect property values, neighborhood demographics, and risk assessments, offering useful insights for those looking to invest, build, or assess real estate in the area. Variations in mortgage counts by occupancy type reflect broader economic and societal factors that could influence long-term property trends and stability.
Economic Outlook
Socorro County, New Mexico has generally seen a steady growth in average taxable income per tax return, rising from $36,168.03 in 2013 to $45,848.67 in 2021. The average state and local income taxes have also increased, from around $3,678.57 in 2012 to $5,308.33 in 2021. The average total tax liability per return has shown a general upward trend, peaking at $5,877.00 in 2017 before settling at approximately $5,860.66 by 2021. These trends suggest a potentially stronger local economy, which... Read more
Average Taxable Income per Tax Return in Socorro County, NM over the last 9 years
Over the past nine years, Socorro County, New Mexico has generally seen steady growth in average taxable income per tax return, increasing from $36,168.03 in 2013 to $45,848.67 in 2021. This upward trend suggests a potentially stronger local economy and increasing economic opportunities, which might be noteworthy for investors, real estate agents, and those considering relocation. The consistent rise, especially notable from 2018 to 2021, could indicate improving financial stability among residents, which is crucial for appraisers and insurance agents evaluating risk and property values in the area.
Average State and Local Income Taxes Per Tax Return in Socorro County, NM Over the Last 10 Years
Over the past decade, Socorro County, New Mexico has seen a steady rise in average state and local income taxes per tax return, from around $3,678.57 in 2012 to $5,308.33 in 2021. Noteworthy increases were observed between 2016 and 2020, where taxes jumped from $4,539.34 to $5,427.27. This could suggest a rising economic activity or adjustments in tax policies, impacting both residents and potential investors. Understanding these trends is crucial for anyone assessing property values, insurance needs, business investments, or contemplating a move to the area.
Average Total Tax Liability Per Tax Return in Socorro County, NM Over the Last 10 Years
Over the past decade in Socorro County, New Mexico, the average total tax liability per tax return has shown a general upward trend with some fluctuations. Starting at approximately $5,414.94 in 2012, the liability has gradually increased, peaking at $5,877.00 in 2017 before a slight dip occurred in subsequent years. By 2021, the average tax liability per return climbed to roughly $5,860.66, reflecting a consistent growth which could indicate rising incomes or changes in tax policy. This information could be significant for investors, real estate agents, and others concerned with the fiscal environment in the county.
Cost of Living in Socorro County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,130 | $1,371 | $2,438 | $1,421 | $1,345 |
| 1 adult 4 children | $1,130 | $1,120 | $1,886 | $1,421 | $1,410 |
| 2 adults 3 children | $1,130 | $1,120 | $2,104 | $1,421 | $1,080 |
| 1 adult 3 children | $1,130 | $915 | $1,553 | $1,421 | $1,143 |
| 2 adults 2 children | $795 | $917 | $1,770 | $1,247 | $873 |
| 1 adult 2 children | $795 | $685 | $1,219 | $1,247 | $814 |
| 2 adults 1 child | $795 | $725 | $1,436 | $682 | $784 |
| 1 adult 1 child | $795 | $468 | $885 | $682 | $641 |
| 2 adults | $604 | $582 | $1,103 | $0 | $584 |
| 1 adult | $582 | $318 | $551 | $0 | $522 |
Safety trends & Data
Property crime in Socorro County, New Mexico has seen some notable shifts over the past few years that could impact local real estate dynamics. While burglary arrests increased slightly between 2018 and 2019, they plummeted to just 3.0 in 2021 and were nonexistent in 2022. Larceny-theft incidents remained high in the early years, but data for later years is sparse, possibly suggesting a change in reporting or actual occurrences. Motor vehicle theft saw a sharp decline from 11.0 in 2018 to just... Read more
Property Crime Trends in Socorro County, NM Over the Last 4 Years
Property crime trends in Socorro County, New Mexico show varied shifts over the past four years. Burglary arrests rose slightly from 14.0 in 2018 to 16.0 in 2019 but then saw a sharp decline to just 3.0 in 2021 and absence in 2022. Larceny-theft incidents remained relatively high in 2018 and 2019 with 41.0 and 42.0 arrests respectively, before data for subsequent years dropped off. Motor vehicle theft decreased dramatically from 11.0 in 2018 to just 2.0 in 2021 and also was not reported in 2022. Interestingly, vandalism and embezzlement were barely present, while arrests for possessing stolen property were consistent but low, never exceeding 5.0 annually and generally decreasing over time. This may influence investment and living decisions due to fluctuating but potentially improving safety conditions.
Demographics
Socorro County, New Mexico displays a balanced adult gender demographic, with slightly more males than females. Educational attainment figures suggest a significant portion of the population has at least a high school diploma, but there may be an opportunity to improve higher education rates, as those with bachelor's and graduate degrees comprise a smaller segment. The age distribution highlights a relatively steady population spread across various age groups, indicating a mix of young and... Read more
Race Distribution in Socorro County, New Mexico (2022)
Educational Attainment in Socorro County, New Mexico (2022)
Age Distribution in Socorro County, New Mexico
Citizen Population in Socorro County, New Mexico (2022)
Political Trends & Data
Socorro County in New Mexico, based on recent voting patterns, might be trending Democratic, with Democrats possibly securing around 52% of the vote in the 2020 Presidential Election. Republicans appeared to hold a substantial presence with roughly 45% of the vote. Libertarian and Green Party candidates seemed to have minimal influence, each potentially capturing only about 1-2% of the vote. This mix of political leanings could reflect a moderately competitive environment within the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Socorro County in New Mexico leaned slightly more Democratic in the 2020 U.S. Presidential Election, with Democrats possibly securing around 52% of the vote compared to Republicans at approximately 45%. Libertarians and Green Party candidates didn't seem to make a significant impact, each potentially capturing only about 1-2% of the vote. This suggests a county that might be trending Democratic, yet still displays notable Republican support.
45.46% of voters voted for the Republican party in the 2020 Presidential Election
51.98% of voters voted for the Democrat party in the 2020 Presidential Election
1.58% of voters voted for the Livertarian party in the 2020 Presidential Election
0.54% of voters voted for the Green party in the 2020 Presidential Election
0.43% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Socorro County, New Mexico, the student-to-teacher ratio has decreased from nearly fifteen students per teacher in 2014 to about eleven students per teacher in 2023, below the national average of fourteen. This trend could suggest a stronger educational environment and greater community desirability, potentially enhancing property values. Investors, real estate agents, and appraisers might find this appealing, while insurance agents might view it as a positive sign of community stability and... Read more
Student-to-teacher ratio in Socorro County, New Mexico over the last 10 years
The student-to-teacher ratio in Socorro County, New Mexico, has generally decreased over the last decade, shifting from a high of nearly fifteen students per teacher in 2014 to about eleven students per teacher in 2023. With ratios dropping below the national average of fourteen students per teacher, investors and real estate agents might find this appealing as lower ratios can indicate more individualized attention for students. For those looking to move to the area, or for appraisers evaluating properties, this trend suggests a potentially strong educational environment that could enhance community desirability and, potentially, property values. Insurance agents may also note this trend, as a lower student-to-teacher ratio can correlate positively with community stability and lower risk factors.
