salaryRent is lower than in 73% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards.
How much money do I need?
To rent here comfortably, you should earn about $49,680 a year. That is $24 an hour at a full-time job.
Is rent cheaper than other New Mexico cities?
No. Rent here is more expensive than in most of New Mexico. It is number 28 of 44 cities from cheapest to most expensive.
How much do households earn in Hobbs?
Share of households by yearly income. 24.4% of households earn $100,000 or more.
Rent by apartment size in Hobbs
| Size | Hobbs | U.S. average |
|---|---|---|
| Studio | $1,146 | $1,338 |
| 1 bedroom | $931 | $1,324 |
| 2 bedrooms | $1,105 | $1,509 |
| 3 bedrooms | $1,352 | $1,698 |
| 4 bedrooms | $1,366 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Hobbs overall?
Everyday prices in New Mexico overall are 8% below the U.S. average (index 92.2, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Hobbs, so the New Mexico figure is shown.
Taxes and bills in Hobbs
Life in Hobbs
Is it cheaper to rent or buy in Hobbs?
Renting is cheaper right now: about $85 a month less.
Owning assumes a typical $191,300 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $19,130 for the down payment.
Frequently asked questions
What is the average rent in Hobbs, NM?
Renting in Hobbs costs a median of about $1,242 a month in 2026, including utilities. The New Mexico median is $1,181.
How much do I need to make to live in Hobbs?
To keep rent under 30% of income, you need about $49,680 a year, or $24 an hour at a full-time job.
Is Hobbs cheap or expensive?
Hobbs is rated OK: rent takes 21.6% of the typical household income of $69,047. It ranks 28th cheapest of 44 New Mexico cities we track.
How much are property taxes in Hobbs?
The median homeowner in Hobbs pays $954 a year in property taxes, about 0.50% of the median home value.
Is Hobbs more expensive than the national average?
Overall prices in New Mexico are 8% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Hobbs?
The median home value in Hobbs is $191,300, about 2.8 times the typical yearly household income.
40,252 people live in Hobbs. Numbers are typical (middle) values.