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These days, finding an affordable place to live in the Hobbs area can be challenging. Home prices in Hobbs are now at a median cost of $208,395, lower than the New Mexico average of $265,486.
The average cost of rent is $1,154/mo in Hobbs, primarily driven by the current value of real estate in the Hobbs area. In Hobbs, 32.21% of households rent, and 55.86% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Hobbs is $6,415 per month. Households that rent pay about 17.99% of their income on rent here. Hobbs’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- North Hobbs, NM: higher priced homes
- Nadine, NM: equally priced homes
- Humble City, NM: higher priced homes
- Monument, NM: higher priced homes
- Higginbotham, TX: higher priced homes
- Caprock, NM: equally priced homes
- Knowles, NM: equally priced homes
- Seminole, TX: higher priced homes
- Seagraves, TX: less expensive homes
- Loop, TX: higher priced homes
Cities with Similar Populations
- St. Charles, IL: higher priced homes
- Laurel, MD: higher priced homes
- Leominster, MA: higher priced homes
- Marion, IA: higher priced homes
- Merritt Island, FL: higher priced homes
- Moline, IL: less expensive homes
- Muskogee, OK: less expensive homes
- North Augusta, SC: higher priced homes
- San Bruno, CA: higher priced homes
- Shenandoah, LA: higher priced homes
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