Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,454 | $197,886 | $242,182 |
| Price Trend (Annual %) | 16.7% | 3.1% | 8.2% |
| Median Gross Rent | $1,119 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 5.0% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lea County is about 24% lower than in New Mexico. Rent is about 10% higher than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lea County, up about 16.7% and 5.0% a year respectively. Home prices are changing faster.
Median rent in Lea County rose about 45.8% between 2015 and 2023, from $767 to $1,119. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Lea County.
Buying the median-priced home in Lea County costs roughly 11.2 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 Lea County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,454 | $197,886 | $242,182 |
| Median Household Income | $68,054 | $62,378 | $78,145 |
| Price-to-Income Ratio | 2.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lea County rose about 58.9%, while median household income rose about 59.3% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.7% | 60.2% | 58.2% |
| Rental Rate | 26.7% | 26.6% | 31.3% |
| Vacancy Rate | 12.6% | 13.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Lea County has a homeownership rate of 60.7%, about the same as the New Mexico average of 60.2%. Its housing vacancy rate is 12.6%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.89 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1980 | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 5.3 | 5.5 |
The typical housing unit in Lea County was built around 1980. On average, 2.9 people live in a home with about 5.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lea County, New Mexico.
What is the median home price in Lea County, New Mexico?
The median home price in Lea County, New Mexico is $150,454, lower than the New Mexico average of $197,886.
What is the average home price in Lea County, New Mexico?
The typical home price in %s, reported as the median sale price, is %s. 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 Lea County, New Mexico?
The median gross rent in Lea County, New Mexico is $1,119 per month, higher than the New Mexico average of $1,020.
What was the median gross rent in Lea County in 2020?
In 2020, the median gross rent in Lea County, New Mexico was $911 per month.
What is the price-to-rent ratio in Lea County, New Mexico?
The price-to-rent ratio in Lea County, New Mexico is about 11.2, meaning it would take roughly 11.2 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 Lea County.
Are home prices or rent rising faster in Lea County, New Mexico?
Both home prices and rent are rising in Lea County, up about 16.7% and 5.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lea County, New Mexico?
60.7% of households in Lea County, New Mexico own their home, higher than the New Mexico average of 60.2%.
What is the vacancy rate in Lea County, New Mexico?
The housing vacancy rate in Lea County, New Mexico is 12.6%, lower than the New Mexico average of 13.1%.