Photo: Ken Lund from Reno, Nevada, USA · CC BY-SA 2.0Measured against area pay, Hobbs costs less to live in than 64% of U.S. towns
It ranks #25 of 72 in New Mexico for affordability. Up 3.6% in a year, 33% below the New Mexico typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Hobbs, NM micro area ($68K). How TownRatings grades cost of living
The grade compares costs with what households across the Hobbs-area micro earn ($68K, Census 2020–24). The typical home costs 2.8 years of area income, and 46% of renters pay 30% or more of income for housing.
In dollars
- $211Ktypical home, 33% below the New Mexico typical homeZillow, September 2026
- $1,340a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
In paychecks the grade
- 2.8 yrsof area income buys the typical home; the typical U.S. town: 3.3$68K, Hobbs-area income
- 20%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 46%of renters pay 30%+ of income for housing; across New Mexico: 50%Census 2020–24
- 18%of owners do; the typical U.S. town: 20%Census 2020–24
Housing in Hobbs, in brief
Prices are 14% below their 2021 peak
The typical Hobbs home peaked at $246K in February 2021 and is worth about $211K now. Across New Mexico, values are at or near their high. Over five years, Hobbs is down 7.9%. Price trend ↓
Owning can cost less than renting
With 20% down at the calculator’s rate, the typical Hobbs home runs about $1,200 a month with tax and insurance. A two-bedroom rents for about $1,340. Can I afford it? ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; sales and supply are Redfin’s for September 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Hobbs’ grade
Measured against what households in the area earn, Hobbs is more affordable than 64% of U.S. towns, #25 of 72 in New Mexico. Rent pulls the grade down most; property tax holds it up.
Values have lagged New Mexico: the typical Hobbs home is down 7.9% in five years, against 25.1% statewide (Zillow).
Down 7.9% in five years
Slower than New Mexico (25.1%).
Show as a table
| January | Hobbs | New Mexico |
|---|---|---|
| 2017 | $207,000 | $177,000 |
| 2018 | $211,000 | $183,000 |
| 2019 | $216,000 | $191,000 |
| 2020 | $233,000 | $203,000 |
| 2021 | $245,000 | $228,000 |
| 2022 | $225,000 | $261,000 |
| 2023 | $212,000 | $285,000 |
| 2024 | $200,000 | $299,000 |
| 2025 | $201,000 | $310,000 |
| 2026 | $207,000 | $313,000 |
| September 2026 | $211,000 | $316,000 |
A typical Hobbs home worth $208K in October 2016 is worth about $211K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A strong seller's market
Homes are selling faster than new ones are listed: less than two months of supply. Well-priced homes can draw several offers.
Under ~4 months of supply favors sellers; over ~6 favors buyers.
Redfin Data Center, all residential sales, September 2026.
A typical home costs 2.8 years of area income
The calculator starts from the area income the grade uses. Switch to Hobbs’s own median, or type yours.
That covers a typical Hobbs home, with $69K to spare.
A two-bedroom rents for about $1,340 a month here, $140 more than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Hobbs’s typical property tax (0.50% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,340
Renters already here pay a median of $1,112, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Lea County, NM): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
143 new homes permitted in 2025
Builders were permitted 143 new homes in Hobbs in 2025, all single-family houses, worth about $42.4 million to build. That's 3.6 per 1,000 residents, slower than across New Mexico (5.2). Over the past 10 years, Hobbs has permitted 1,637 homes in all.
Between the 2010 and 2020 censuses, Hobbs gained 6,386 residents while 1,634 new homes were permitted: about 3.9 new residents per new home. Population grew faster than building, so existing homes filled up: a sign of tight supply. Across New Mexico: 1.2 new residents per new home.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 104 | 104 | 0 | $28.5 million |
| 2025 | 143 | 143 | 0 | $42.4 million |
| 2024 | 172 | 172 | 0 | $51.9 million |
| 2023 | 186 | 186 | 0 | $52.3 million |
| 2022 | 129 | 129 | 0 | $36.8 million |
| 2021 | 211 | 211 | 0 | $53 million |
| 2020 | 147 | 147 | 0 | $38.5 million |
| 2019 | 164 | 164 | 0 | $35.9 million |
| 2018 | 166 | 166 | 0 | $35.1 million |
| 2017 | 82 | 82 | 0 | $16.9 million |
| 2016 | 237 | 151 | 86 | $44.1 million |
| 2015 | 420 | 175 | 245 | $42.1 million |
| 2014 | 276 | 189 | 87 | $39.8 million |
| 2013 | 101 | 61 | 40 | $17.4 million |
| 2012 | 83 | 38 | 45 | $11.5 million |
| 2011 | 28 | 20 | 8 | $4.5 million |
| 2010 | 77 | 17 | 60 | $11.4 million |
| 2009 | 25 | 17 | 8 | $3.8 million |
| 2008 | 115 | 93 | 22 | $19.6 million |
| 2007 | 131 | 113 | 18 | $24.4 million |
| 2006 | 68 | 58 | 10 | $11.5 million |
| 2005 | 45 | 45 | 0 | $7.2 million |
| 2004 | 107 | 47 | 60 | $11.6 million |
| 2003 | 38 | 29 | 9 | $5.7 million |
| 2002 | 12 | 12 | 0 | $1.8 million |
| 2001 | 10 | 10 | 0 | $659,000 |
| 2000 | 2 | 2 | 0 | $312,000 |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Property tax runs below the New Mexico norm
The median bill is $954 (New Mexico: $1,731), 0.50% of a home’s value a year, against 0.70% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
Hobbs vs. its neighbors
Of the 1 towns here with a Zillow value, Hobbs has the lowest. North Hobbs has no Zillow value, so it is in the table only.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Hobbs | B | $211K | $191K | 0.50% | $1,340 |
| North Hobbs | B− | — | $264K | 0.48% | $1,490 |
“—” under Zillow: Zillow publishes no value for that town, so it’s left blank rather than mixed with Census figures.
Questions about the cost of living in Hobbs
Is Hobbs expensive to live in?
Measured against what households in the area earn, Hobbs costs less than 64% of U.S. towns: a B for cost of living, #25 of 72 in New Mexico. The typical home costs 2.8 years of the median household income of the Hobbs, NM micro area ($68K).
How much does a house cost in Hobbs?
About $211K, Zillow’s typical value for September 2026, up 3.6% in a year. The New Mexico typical home is $316K.
What salary do you need to live in Hobbs?
To buy the typical home with 20% down at 6.3%, about $51,000 a year, keeping the payment (about $1,200 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $54,000.
How much is rent in Hobbs?
HUD puts a two-bedroom at about $1,340 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $1,112 (Census 2020–24).
What are property taxes in Hobbs?
The median bill is $954 a year, 0.50% of the median home value (New Mexico: $1,731, 0.70%), from the Census 2020–24.
Are home prices in Hobbs going up?
Yes: up 3.6% in the past year and -7.9% in five years, against 25.1% across New Mexico (Zillow).
Neighbors talk housing
What Hobbs buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.