Hobbs, NM

Very Low · 70

New Mexico · Population 39,887 · Updated March 2026

$1,132
Median Rent / Month
$65,691
Median Income
$180,700
Median Home Value
$1,004
Owner Costs / Month

Affordability

How far your income goes in Hobbs

20.7%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New Mexico

State-level tax rates that affect your costs

5.9%
Income Tax (Top Rate)
5.0%
Sales Tax
0.67%
Property Tax Rate

Estimated Annual Costs

$13,584
Annual Rent
$3,876
State Income Tax
$1,211
Property Tax (est.)

Cost of Living Overview

Hobbs is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 70 (where 100 equals the national median), Hobbs residents can expect to pay median rent of $1,132/month while earning a median household income of $65,691/year.

The median home value in Hobbs, NM is $180,700, with typical monthly owner costs around $1,004 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.7% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New Mexico has a moderate income tax rate of 5.9%. Combined with a 5.0% sales tax rate and 0.67% effective property tax rate, the overall tax environment is a factor in the total cost of living in Hobbs.

Frequently Asked Questions

Common questions about living costs in Hobbs

What is the cost of living in Hobbs, NM?
The cost of living index in Hobbs, NM is 70 (US average = 100). Median monthly rent is $1,132, median household income is $65,691/year, and the median home value is $180,700.
Is Hobbs, NM affordable?
Yes, Hobbs is more affordable than the national average with a cost index of 70. The rent-to-income ratio is 20.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hobbs, NM?
The median gross rent in Hobbs, NM is $1,132 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,584.
What is the median household income in Hobbs?
The median household income in Hobbs, NM is $65,691 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Mexico?
New Mexico has a top income tax rate of 5.9%, a sales tax of 5.0%, and an effective property tax rate of 0.67%.