Cost of Living in Hobbs, NM
Population 40,252 · Census ACS 2020–2024 5-year estimates
The median rent in Hobbs, NM is $1,112/month, 4% higher than the New Mexico median and 21% lower than the U.S. median. The median home value is $191,300, 43% lower than the national median. Households earn a median of $64,021 a year, about the same as the state median.
Affordability
Run your own numbers: mortgage calculator · hourly to salary
Hobbs vs. New Mexico vs. U.S.
| Hobbs | New Mexico | U.S. | |
|---|---|---|---|
| Median rent | $1,112 | $1,067 | $1,413 |
| Median home value | $191,300 | $248,100 | $332,700 |
| Median household income | $64,021 | $64,059 | $80,734 |
| Homeownership rate | 66.0% | 70.0% | 65.2% |
| Bachelor's degree or higher | 17.3% | 31.0% | 35.7% |
| Poverty rate | 19.7% | 17.8% | 12.5% |
| Unemployment rate | 6.3% | 6.0% | 5.2% |
| Work from home | 2.3% | 12.2% | 15.1% |
| Median age | 32.5 | 39.4 | 38.9 |
FAQ
What is the average rent in Hobbs, NM?
The median gross rent in Hobbs, NM is $1,112 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Hobbs, NM?
Using the common 30% rule, renting a median-priced home takes about $44,480 a year in gross income.
Is Hobbs, NM expensive to live in?
Rent there is 21% lower than the U.S. median, and the median home costs about 3.0 times the median household income.
Other cities in New Mexico
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Explore more
New tools, top deals and new pages — one short email a week. No spam.