In Hobbs, a typical home is worth $191,300 and typical rent is $1,112 a month. Compared with all of Lea County, typical household income is 6% lower and the share of households that own their home is 5 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $229,550 to $211,306.
Typical rent
$1,484a month
▲ 9.7% more than 12 months ago
Typical rent from Zillow, June 2023 to September 2026: from $1,195 to $1,484.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Hobbs is in Lea County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Lea County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Roswell, the typical rent is $876: 21% less than in Hobbs ($1,112).
2
Nearby, in Roswell, the typical home value is $152,600: 20% less than in Hobbs ($191,300).
3
66% of households in Hobbs own their home, against 71% in Lea County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Hobbs
What homes there are in Hobbs, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Hobbs
Lea County
New Mexico
United States
Kind of home: Hobbs and its comparisons
Measure
Hobbs
Lea County
New Mexico
United States
Detached house
68%
69%
65%
61%
Attached house
3%
2%
4%
6%
Building of 2 to 4
6%
4%
6%
8%
Apartments (5 or more)
11%
7%
10%
19%
Mobile home
11%
17%
16%
6%
Boat, RV and other
Unreliable estimate
1%
0%
0%
The detached house is the most common home in Hobbs: 68% of homes, near the figure in Lea County (69%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Hobbs
Lea County
New Mexico
United States
Year built: Hobbs and its comparisons
Measure
Hobbs
Lea County
New Mexico
United States
Before 1960
20%
21%
17%
26%
1960–1979
31%
31%
26%
24%
1980–1999
23%
24%
32%
25%
2000–2009
10%
9%
16%
14%
2010 or later
17%
16%
10%
11%
In Hobbs, half of the homes were built before 1980; in Lea County, before 1979.
There are fewer big homes in Hobbs than in Lea County: 65% have 3 bedrooms or more, against 69%.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K19%
$100K–$200K34%
$200K–$300K23%
$300K–$500K16%
$500K–$750K4%
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Hobbs and its comparisons
Measure
Hobbs
Under $100K
19%
$100K–$200K
34%
$200K–$300K
23%
$300K–$500K
16%
$500K–$750K
4%
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
The FHA loan limit for Lea County is $541,287, and about 92% of owner-occupied homes in Hobbs are worth less than that.
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99931%
$1,000–$1,49943%
$1,500–$1,99917%
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Hobbs and its comparisons
Measure
Hobbs
Under $500
Unreliable estimate
$500–$999
31%
$1,000–$1,499
43%
$1,500–$1,999
17%
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
With a mortgage
$1,828 a month
Lea County: $1,703 a month
Without a mortgage
$403 a month
Lea County: $417 a month
Owners with a mortgage
45%
Lea County: 39%
Owning costs more in Hobbs: with a mortgage, the typical cost is $1,828 a month; in Lea County, $1,703. Without one, $403.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Hobbs+36%
Lea County+38%
New Mexico+45%
United States+53%
Typical rent
Hobbs+24%
Lea County+23%
New Mexico+26%
United States+33%
Typical household income
HobbsNo clear change
Lea County+12%
New Mexico+29%
United States+29%
Change since 2015–2019: Hobbs and its comparisons
Measure
Hobbs
Lea County
New Mexico
United States
Typical home value
+36%
+38%
+45%
+53%
Typical rent
+24%
+23%
+26%
+33%
Typical household income
No clear change
+12%
+29%
+29%
Much as in Lea County, the typical home value in Hobbs rose 36% since 2015–2019.
The typical rent in Hobbs rose 24% since 2015–2019, about the same as in Lea County (23%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Hobbs and its comparisons
Measure
Hobbs
Lea County
New Mexico
United States
Rental vacancy
9.8%
8.9%
5.9%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
1.0%
0.9%
More than one person per room
5.0%
5.2%
3.3%
3.4%
People per household
2.72
2.90
2.48
2.53
Drive alone
76%
76%
74%
69%
Carpool
19%
18%
10%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
Unreliable estimate
Unreliable estimate
2%
3%
Work from home
2%
4%
12%
15%
Other means
Unreliable estimate
Unreliable estimate
1%
2%
Typical commute
10 to 19 minutes
10 to 19 minutes
10 to 19 minutes
20 to 29 minutes
Much as in Lea County, the rental vacancy rate in Hobbs is 9.8%.
More than one person per room: that is how 5.0% of households in Hobbs live, near the figure in Lea County (5.2%).
Fewer people live in each home here: 2.72 on average, against 2.90 in Lea County.
In Hobbs, 76% of workers drive alone to work; in Lea County, 76%.
Do the math
What would you pay each month for a home in Hobbs?
A typical home is tight for the typical income
We start with a typical home in Hobbs, worth $191,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 28% of the typical household income in Hobbs, which is $64,021 a year. For that payment to be 28% of income, a household would need to earn about $64,992 a year.
The calculator's FHA and conventional loan limits are those of all of Lea County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Hobbs. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $6,696 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,517
at 7.18% · 30 years
Loan amount
$187,835
Total interest
$270,250
Paid off in
November 2056
Includes $3,231 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,494 a month
Tight
$1,494 to $1,921 a month
Your payment · 28%
Hard
more than $1,921 a month
Compared with the typical household income in Hobbs ($64,021 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,272
Property tax
$80
Home insurance
$80
FHA mortgage insurance (MIP)
$85
You need at least $6,696 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,517; principal and interest $1,272.
The city and its county
Hobbs and Lea County
Hobbs is in Lea County, New Mexico. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Hobbs
Map of Lea County, New Mexico, with Hobbs marked. Around it, the neighboring counties.
Hobbs
Lea County
Other cities with a page
Hobbs's own numbers
Typical home value
$191,300
Typical monthly rent
$1,112
Typical yearly household income
$64,021
Households that own their home
66%
Effective property tax rate
0.5%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Lea County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,327
Price change over 5 years (FHFA)
+32%
Homes in a high flood-risk zone
11%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Lea County.
A typical home in Hobbs is worth $191,300: 4% above the county and 23% below New Mexico. With the typical household income in Hobbs ($64,021 a year), a typical home costs 3.0 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Hobbs3.0 years
Lea2.7 years
New Mexico3.9 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Lea County
According to FHFA’s house price index, home prices in Lea County rose 51% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Lea County.
Yearly change in FHFA’s price index in Lea County, 2016 to 2025
2016: −0.3% −0.3% 2016
2017: +3.4% +3.4% 2017
2018: +0.9% +0.9% 2018
2019: +6.3% +6.3% 2019
2020: +3.6% +3.6% 2020
2021: +5.4% +5.4% 2021
2022: +5.8% +5.8% 2022
2023: +5.5% +5.5% 2023
2024: +5.2% +5.2% 2024
2025: +6.2% +6.2% 2025
Change in FHFA’s price index in Lea County, New Mexico and the United States
Period
County
New Mexico
U.S.
Last year (2025)
+6.2%
+3.1%
+2.9%
5 years (2020–2025)
+32%
+50%
+47%
10 years (2015–2025)
+51%
+82%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Hobbs next to Lea County, New Mexico and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Hobbs$191,300
Lea$184,000
New Mexico$248,100
United States$332,700
Typical monthly rent
Hobbs$1,112
Lea$1,101
New Mexico$1,067
United States$1,413
Typical yearly household income
Hobbs$64,021
Lea$68,015
New Mexico$64,059
United States$80,734
See the full table
Hobbs next to Lea County and New Mexico
Measure
Hobbs
Lea County
New Mexico
U.S.
Typical home value
$191,300 ▲4% above the county
$184,000
$248,100
$332,700
Typical monthly rent
$1,112
$1,101
$1,067
$1,413
Typical yearly household income
$64,021 ▼6% below the county
$68,015
$64,059
$80,734
Households that own their home
66% ▼5 points below the county
71%
70%
65%
Typical yearly property tax
$954 ▲9% above the county
$879
$1,731
$3,119
Effective property tax rate
0.5% ▲0.02 points above the county
0.48%
0.7%
0.94%
Renters with high rent for their income
46% ▼2 points below the county
48%
50%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Lea County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Hobbs
For a typical $191,300 home in Hobbs, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Hobbs's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,516a month
Least cash to close
Down payment
$6,696
Cash to close
$12,435
Rate
7.18%
Mortgage insurance
FHA MIP · $85
Conventional, 5% down$1,481a month
Down payment
$9,565
Cash to close
$15,304
Rate
7.18%
Mortgage insurance
PMI · $91
Conventional, 20% down, no PMI$1,196a month
Down payment
$38,260
Cash to close
$43,999
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,373a month
Down payment
$28,695
Cash to close
$34,434
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Hobbs
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,516
$6,696
$187,835
7.18%
FHA MIP · $85
$12,435
580
Conventional, 5% down
$1,481
$9,565
$181,735
7.18%
PMI · $91
$15,304
620*
Conventional, 20% down, no PMI
$1,196
$38,260
$153,040
7.18%
None
$43,999
620*
ITIN, 15% down (example)
$1,373
$28,695
$162,605
8.18%
None
$34,434
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Hobbs and for Lea County.
Property tax
Effective rate in Hobbs
0.5%of the home’s value each year
$954 a year for the typical owner in Hobbs.
Hobbs0.5%
Lea0.48%
New Mexico0.7%
What New Mexico publishes3 percent cap on the yearly increase in your home's taxable value (New Mexico Legislative Finance Committee ("Property Taxes in New Mexico" brief))
Typical rent in Hobbs is $1,112 a month: about the same as the county. In Hobbs, 46% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Lea County, by unit size. To pay the 2-bedroom one ($1,327 a month) without spending more than 30% of your income, you would need to earn $25.52 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Lea County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,111
$21.37
$44,440
1 bedroom
$1,117
$21.48
$44,680
2 bedrooms
$1,327
$25.52
$53,080
3 bedrooms
$1,670
$32.12
$66,800
4 bedrooms
$1,823
$35.06
$72,920
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Hobbs
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Hobbs has 2 ZIP codes with their own.
For 2 bedrooms it is $1,330 in all of them.
2 of the 2 are above the fair market rent for Lea County ($1,327).
Fair market rent by ZIP code and size in Hobbs, fiscal year 2027.
88240
$1,110
$1,120
$1,330
$1,670
$1,830
88244
$1,110
$1,120
$1,330
$1,670
$1,830
ZIP code2 bd3 bd
88240 $1,330$1,670
88244 $1,330$1,670
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Hobbs when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Lea County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Hobbs or Lea County. The ones below are statewide in New Mexico: they work in Hobbs the same as in the rest of the state.
New Mexico state agency fixed-rate second mortgage for the down payment and closing costs of first-time buyers, together with the FirstHome mortgage.Offered by Housing New Mexico (New Mexico Mortgage Finance Authority, MFA).
New Mexico state agency fixed $7,000 second mortgage for the down payment and closing costs of low-income first-time buyers; no monthly payments and forgivable after 10 years.Offered by Housing New Mexico (New Mexico Mortgage Finance Authority, MFA).
New Mexico state agency fixed $10,000 third loan at 0%, for the down payment only, added to FirstDown or HomeNow; repaid in monthly installments over 15 years.Offered by Housing New Mexico (New Mexico Mortgage Finance Authority, MFA).
No legal help resource on our list is for Hobbs or Lea County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Hobbs and all of Lea County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Hobbs?
The typical home value in Hobbs is $191,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Lea County it is $184,000.
How much does it cost to rent in Hobbs?
Typical rent in Hobbs is $1,112 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Lea County is $1,327.
What is the FHA loan limit in Hobbs?
Hobbs uses the FHA limit for all of Lea County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Hobbs?
The typical homeowner in Hobbs pays $954 a year, according to the U.S. Census Bureau. That is 0.5% of the home’s value; in Lea County, the rate is 0.48%.
Where can I find free help to buy or rent in Hobbs?
We found no HUD-approved counseling agencies with an office in Lea County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
