Hobbs, New Mexico Housing Market Prices
Hobbs Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 20% below the New Mexico median$163,321
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Median rent 3% above the New Mexico median$1,102
Housing Market Overview
| Metric | Hobbs | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,321 | $204,122 | $248,835 |
| Price Trend (Annual %) | 19.5% | 3.1% | 7.5% |
| Median Gross Rent | $1,102 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hobbs is about 20% lower than in New Mexico. Rent is about 3% higher than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Hobbs, up about 19.5% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Hobbs rose about 34.7% between 2015 and 2024, from $819 to $1,102. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Hobbs.
Buying the median-priced home in Hobbs costs roughly 12.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Hobbs. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Hobbs | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,321 | $204,122 | $248,835 |
| Median Household Income | $62,635 | $64,523 | $80,455 |
| Price-to-Income Ratio | 2.6 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hobbs rose about 242.8%, while median household income rose about 50.2% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Hobbs | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.8% | 61.3% | 58.5% |
| Rental Rate | 29.0% | 26.2% | 31.2% |
| Vacancy Rate | 13.1% | 12.5% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Hobbs has a homeownership rate of 57.8%, lower than the New Mexico average of 61.3%. Its housing vacancy rate is 13.1%, compared with 12.5% in New Mexico.
Housing Stock
| Metric | Hobbs | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1979 | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 5.3 | 5.5 |
The typical housing unit in Hobbs was built around 1979. On average, 2.7 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hobbs, New Mexico.
What is the median home price in Hobbs, New Mexico?
The median home price in Hobbs, New Mexico is $163,321, lower than the New Mexico average of $204,122.
What is the average home price in Hobbs, New Mexico?
The typical home price in Hobbs, New Mexico, reported as the median sale price, is $163,321. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Hobbs, New Mexico?
The median gross rent in Hobbs, New Mexico is $1,102 per month, higher than the New Mexico average of $1,067.
What was the median gross rent in Hobbs in 2020?
In 2020, the median gross rent in Hobbs, New Mexico was $933 per month.
What is the price-to-rent ratio in Hobbs, New Mexico?
The price-to-rent ratio in Hobbs, New Mexico is about 12.3, meaning it would take roughly 12.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Hobbs.
Are home prices or rent rising faster in Hobbs, New Mexico?
Both home prices and rent are rising in Hobbs, up about 19.5% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hobbs, New Mexico?
57.8% of households in Hobbs, New Mexico own their home, lower than the New Mexico average of 61.3%.
What is the vacancy rate in Hobbs, New Mexico?
The housing vacancy rate in Hobbs, New Mexico is 13.1%, higher than the New Mexico average of 12.5%.
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