Lovington, NM

Very Low · 62

New Mexico · Population 11,444 · Updated March 2026

$1,063
Median Rent / Month
$67,284
Median Income
$162,900
Median Home Value
$769
Owner Costs / Month

Affordability

How far your income goes in Lovington

19.0%
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

$12,756
Annual Rent
$3,970
State Income Tax
$1,091
Property Tax (est.)

Cost of Living Overview

Lovington is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 62 (where 100 equals the national median), Lovington residents can expect to pay median rent of $1,063/month while earning a median household income of $67,284/year.

The median home value in Lovington, NM is $162,900, with typical monthly owner costs around $769 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.0% 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 Lovington.

Frequently Asked Questions

Common questions about living costs in Lovington

What is the cost of living in Lovington, NM?
The cost of living index in Lovington, NM is 62 (US average = 100). Median monthly rent is $1,063, median household income is $67,284/year, and the median home value is $162,900.
Is Lovington, NM affordable?
Yes, Lovington is more affordable than the national average with a cost index of 62. The rent-to-income ratio is 19.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lovington, NM?
The median gross rent in Lovington, NM is $1,063 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,756.
What is the median household income in Lovington?
The median household income in Lovington, NM is $67,284 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%.