Lea County, New Mexico Housing Market Prices
Lea County 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$162,562
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Median rent 3% above the New Mexico median More expensive than 84% of counties in New Mexico$1,101
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,562 | $204,122 | $248,835 |
| Price Trend (Annual %) | 15.6% | 3.1% | 7.5% |
| Median Gross Rent | $1,101 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lea County 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 Lea County, up about 15.6% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Lea County rose about 43.5% between 2015 and 2024, from $767 to $1,101. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Lea County.
Buying the median-priced home in Lea County 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 Lea County. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,562 | $204,122 | $248,835 |
| Median Household Income | $67,016 | $64,523 | $80,455 |
| Price-to-Income Ratio | 2.4 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lea County rose about 71.7%, while median household income rose about 50.3% 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 | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.8% | 61.3% | 58.5% |
| Rental Rate | 25.0% | 26.2% | 31.2% |
| Vacancy Rate | 13.1% | 12.5% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Lea County has a homeownership rate of 61.8%, higher 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 | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.90 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1981 | 1983 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Lea County was built around 1981. On average, 2.9 people live in a home with about 5.4 rooms, staying for about 16.0 years on average.
Lea County, NM Housing Compared With Nearby Counties
How Lea County, NM compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lea County, NM | 73,733 | $162,562 #3/3 | $1,101 #2/3 | 71.2% #2/3 |
| Yoakum County, TX | 7,571 | $163,140 | $972 | 66.8% |
| Eddy County, NM | 61,104 | $266,585 | $1,244 | 73.3% |
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 $162,562, lower than the New Mexico average of $204,122.
What is the average home price in Lea County, New Mexico?
The typical home price in Lea County, New Mexico, reported as the median sale price, is $162,562. 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 $1,101 per month, higher than the New Mexico average of $1,067.
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 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 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 15.6% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lea County, New Mexico?
61.8% of households in Lea County, New Mexico own their home, higher than the New Mexico average of 61.3%.
What is the vacancy rate in Lea County, New Mexico?
The housing vacancy rate in Lea County, New Mexico is 13.1%, higher than the New Mexico average of 12.5%.
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