Chaparral, NM vs Socorro, NM

Chaparral, NM and Socorro, NM have a very similar cost of living, with only a 0.5% difference in their overall index. Chaparral scores 66 while Socorro scores 66 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Chaparral is $874/month compared to $675/month in Socorro — a 30% difference. Interestingly, home values tell a different story: while Socorro has cheaper rent, Chaparral actually has lower median home values ($101,900 vs $162,400).

Median household income in Chaparral is $46,102 compared to $51,343 in Socorro (-10.2%). Socorro offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Chaparral spend roughly 22.7% of their income on rent, more than the 15.8% in Socorro.