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City · 6,034 residents · Lea County, New Mexico

North Hobbs , New Mexico

In North Hobbs, a typical home is worth $264,400 and typical rent is $1,319 a month. Compared with all of Lea County, the typical home value is 44% higher, typical household income is 21% higher, and the share of households that own their home is 14 points higher.

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  • Typical home value

    $264,400

    44% above the county

    7% above New Mexico

    • North Hobbs
    • Lea
    • New Mexico

  • Typical rent

    $1,319a month

    20% above the county

    24% above New Mexico

    • North Hobbs
    • Lea
    • New Mexico

  • Typical household income

    $82,554a year

    21% above the county

    29% above New Mexico

    • North Hobbs
    • Lea
    • New Mexico

  • Households that own their home

    86%

    14 points above the county

    16 points above New Mexico

    • North Hobbs
    • Lea
    • New Mexico

Source: U.S. Census Bureau, Average 2020–2024

North 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

Data updated: October 1, 2026 11 official sources

Only here

What sets North Hobbs apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Roswell, the typical home value is $152,600: 42% less than in North Hobbs ($264,400).

  2. The typical home in North Hobbs is worth $264,400, 44% more than in Lea County as a whole ($184,000).

  3. Nearby, in Roswell, the typical rent is $876: 34% less than in North Hobbs ($1,319).

  4. 86% of households in North Hobbs own their home, against 71% in Lea County.

  5. The typical household income in North Hobbs is $82,554, 21% more than in Lea County as a whole ($68,015).

  6. The typical rent in North Hobbs is $1,319 a month, 20% more than in Lea County as a whole ($1,101).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in North Hobbs

What homes there are in North 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

The detached house is the most common home in North Hobbs: 68% of homes, near the figure in Lea County (69%).

There are more mobile homes here than in Lea County: 26% of homes, against 17%.

Year built

Homes in North Hobbs are newer: the typical year built is 1987; in Lea County, 1979.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$1,767 a month

Lea County: $1,703 a month

Without a mortgage

$446 a month

Lea County: $417 a month

Owners with a mortgage

45%

Lea County: 39%

In North Hobbs, 45% of owners have a mortgage; their typical cost is $1,767 a month, about the same as in Lea County.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in North Hobbs rose 42% since 2015–2019, more than in Lea County (38%).

Since 2015–2019, the typical rent in North Hobbs rose 31%, more than in Lea County (23%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureNorth HobbsLea CountyNew MexicoUnited States
Rental vacancy Unreliable estimate8.9%5.9%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate1.0%0.9%
More than one person per room Unreliable estimate5.2%3.3%3.4%
People per household 3.402.902.482.53
Drive alone 75%76%74%69%
Carpool 21%18%10%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimateUnreliable estimate2%3%
Work from home Unreliable estimate4%12%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute 10 to 19 minutes10 to 19 minutes10 to 19 minutes20 to 29 minutes

More people live in each home here: 3.40 on average, against 2.90 in Lea County.

More people carpool to work in North Hobbs than in Lea County: 21% against 18%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in North Hobbs?

A typical home is tight for the typical income

We start with a typical home in North Hobbs, worth $264,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 30% of the typical household income in North Hobbs, which is $82,554 a year. For that payment to be 28% of income, a household would need to earn about $89,638 a year.

The calculator's FHA and conventional loan limits are those of all of Lea County.

Your numbers

Local data
$

Starts at the typical home value in North Hobbs. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $9,254 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,092

at 7.18% · 30 years

Loan amount
$259,611
Total interest
$373,519
Paid off in
November 2056

Includes $4,465 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,926 a month

  • Tight

    $1,926 to $2,477 a month

    Your payment · 30%

  • Hard

    more than $2,477 a month

Compared with the typical household income in North Hobbs ($82,554 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,092
Principal & interest$1,759
Property tax$106
Home insurance$110
FHA mortgage insurance (MIP)$117

You need at least $9,254 for the down payment, plus closing costs.

Next step

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.

The city and its county

North Hobbs and Lea County

North 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).

North Hobbs's own numbers

Typical home value
$264,400
Typical monthly rent
$1,319
Typical yearly household income
$82,554
Households that own their home
86%
Effective property tax rate
0.48%

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.

Everything about Lea County

Buying

Buying a home in North Hobbs

A typical home in North Hobbs is worth $264,400: 44% above the county and 7% above New Mexico. With the typical household income in North Hobbs ($82,554 a year), a typical home costs 3.2 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.

  • North Hobbs 3.2 years
  • Lea 2.7 years
  • New Mexico 3.9 years
  • United States 4.1 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.

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

North 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
  • North Hobbs $264,400
  • Lea $184,000
  • New Mexico $248,100
  • United States $332,700
Typical monthly rent
  • North Hobbs $1,319
  • Lea $1,101
  • New Mexico $1,067
  • United States $1,413
Typical yearly household income
  • North Hobbs $82,554
  • Lea $68,015
  • New Mexico $64,059
  • United States $80,734
See the full table
North Hobbs next to Lea County and New Mexico
Measure North Hobbs Lea County New Mexico U.S.
Typical home value $264,400 $184,000 $248,100 $332,700
Typical monthly rent $1,319 $1,101 $1,067 $1,413
Typical yearly household income $82,554 $68,015 $64,059 $80,734
Households that own their home 86% 71% 70% 65%
Typical yearly property tax $1,274 $879 $1,731 $3,119
Effective property tax rate 0.48% 0.48% 0.7% 0.94%

“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 North Hobbs

For a typical $264,400 home in North Hobbs, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, North Hobbs's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,092a month

    Least cash to close
    Down payment
    $9,254
    Cash to close
    $17,186
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $117

  • Conventional, 5% down $2,043a month

    Down payment
    $13,220
    Cash to close
    $21,152
    Rate
    7.18%
    Mortgage insurance
    PMI · $126

  • Conventional, 20% down, no PMI $1,649a month

    Down payment
    $52,880
    Cash to close
    $60,812
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,893a month

    Down payment
    $39,660
    Cash to close
    $47,592
    Rate
    8.18%
    Mortgage insurance
    None

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.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for North Hobbs and for Lea County.

Property tax

Effective rate in North Hobbs

0.48%of the home’s value each year

$1,274 a year for the typical owner in North Hobbs.

  • North Hobbs 0.48%
  • Lea 0.48%
  • New Mexico 0.7%

What New Mexico publishes 3 percent cap on the yearly increase in your home's taxable value (New Mexico Legislative Finance Committee ("Property Taxes in New Mexico" brief))

Exemptions and deadlines in New Mexico

Flood risk in Lea County

FEMA does not publish these numbers by city: they are for all of Lea County.

Homes in the high-risk zone
11%
2,870
Of those, with NFIP insurance
24%
County New Mexico U.S.
Homes in the high-risk zone 11% 5.7% 3.5%
Of those, with NFIP insurance 24% 16% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in North Hobbs

Typical rent in North Hobbs is $1,319 a month: 20% above the county.

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.

HUD fair market rent for all of Lea County

What you need to earn to pay it without spending more than 30% of income, working full time.

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 North Hobbs

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). North Hobbs is in ZIP code 88242.

For 2 bedrooms it is $1,660: $333 more than the fair market rent for Lea County ($1,327).

  • 88242 $1,660$2,090

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for North 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 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in North Hobbs

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.

A pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

HUD counseling is free or low-cost

Assistance programs in North Hobbs

No down payment, repair or rent-help program on our list is for North Hobbs or Lea County. The ones below are statewide in New Mexico: they work in North Hobbs the same as in the rest of the state.

Which programs do I qualify for? All programs in New Mexico

  • FirstDown

    Statewide in New Mexico

    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).

    Repayable

    See the program Official page

  • HomeNow

    Statewide in New Mexico

    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).

    Forgivable

    See the program Official page

  • FirstDown Plus

    Statewide in New Mexico

    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).

    Repayable

    See the program Official page

Housing counselors near North Hobbs

The HUD-approved agencies closest to the center of North Hobbs, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Tierra del Sol Housing

    210 E Idaho Ave, Las Cruces · 215 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (575) 541-0477

  • Tiwa Lending Services

    117A Tribal Road 40, Isleta · 253 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    (505) 916-0556

  • United South Broadway Corporation

    1500 Walter St SE, Albuquerque · 257 miles away

    • Mortgage delinquency and default
    (505) 764-8867

All counseling agencies in New Mexico

Help in Spanish near North Hobbs

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of North Hobbs

HUD lists no housing authority with an office in Lea County. One in a neighboring county or the state’s may serve the area.

All housing agencies in New Mexico Source: HUD

Cities

Other cities in Lea County

These cities are also in Lea County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Lea County Housing in New Mexico

Nearby cities

The cities closest to North Hobbs, with the typical home value.

Neighboring counties

If Lea County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in North Hobbs.

All guides
A family roasts marshmallows over a campfire at a forest campsite.

Questions

Housing questions about North Hobbs

Short answers with the numbers for North 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 North Hobbs?

The typical home value in North Hobbs is $264,400, 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 North Hobbs?

Typical rent in North Hobbs is $1,319 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 North Hobbs?

North 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 North Hobbs?

The typical homeowner in North Hobbs pays $1,274 a year, according to the U.S. Census Bureau. That is 0.48% of the home’s value; in Lea County, the rate is 0.48%.

Where can I find free help to buy or rent in North 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.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).