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City Report · NM

Hobbs

Pop. 40,252·8th most expensive in New Mexico·Hobbs rents are up 9.1% over the past year
Median rent (all units)
$1,497/mo
Year-over-Year
+9.1%
Month-over-Month
+1.5%
vs US Median
-$468
Rising (Monthly)
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Most AffordableMost Expensive
Hobbs · $1,497
More affordable than 76% of US cities · National median $1,965/mo
Rent Reality Score
42/100
Fairly priced
OverheatedFairGreat value

Rents are 4% above what Hobbs's 10-year trend predicts — running hotter than its own history.

Actual rent
$1,497/mo
Expected by trend
$1,443/mo
The Rent Reality Score compares today's median rent to where Hobbs's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$810
1 BR
$870
2 BR
$1,140
3 BR
$1,410
4 BR+
$1,610
Research median
$1,140/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$17,964/yr
At $1,497/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 9.1% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+9.1% YoY, +1.5% MoM), not inventory.
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Demographics

Who lives here

Hobbs, NM is majority owner-occupied, has a large share of families with children, has a median income below the national average, 17.3% of residents hold a bachelor's degree or higher.

Population
40,252
Median income
$64,021
Median age
32.5
Renters
34%
Age distribution
27.8%
26.2%
24.5%
Under 1827.8%
18–3426.2%
35–5424.5%
55–649.6%
65+11.9%
Gender
52.8%
47.2%
Male52.8%
Female47.2%
Race & ethnicity
39.3%
62.9%
White39.3%
Black5.4%
Hispanic62.9%
Asian1%
Education (25+)
25.6%
30.8%
26.3%
17.3%
No HS diploma25.6%
HS diploma30.8%
Some college26.3%
Bachelor's+17.3%
Housing tenure
66%
34%
Owner66%
Renter34%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How Hobbs, NM has changed in 5 years

Rent
$1,174 → $1,497
up 27.5%
Income
$59,232 → $64,021
up 8.1%
Population
39,476 → 40,252
up 2.0%
Renter share
39% → 34%
-5.0 pts
Bachelor's+
16% → 17.3%
+1.3 pts
Median age
30.4 → 32.5
+2.1 yrs

Rent in Hobbs, NM has increased 27.5% since 2023, going from about $1,174 per month to roughly $1,497 today. Census figures show median household income at $64,021 today, compared with $59,232 five years earlier. Rent outpaced income growth by roughly 19.4 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 39,476 to 40,252 between 2021 and 2024, a 2.0% change. About 34% of households rent today, against 39% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2023.

Community

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View Hobbs rent history (2015–2026) →
Salary vs rent

Can you afford rent in Hobbs on your salary?

At $1,497/mo, how Hobbs rent compares to typical pay (30% rule).

By apartment size

Hobbs rent by bedroom count

Median rent for each apartment size in Hobbs. Click any size for full breakdown.

Local insights

Tips for renters in Hobbs

About renting in Hobbs, NM

Last updated: July 20, 2026

The median rent in Hobbs is $1,497/mo as of July 2026. A studio apartment averages $810/mo while a 2-bedroom runs $1,140/mo. One-bedroom apartments average $870/mo and 3-bedroom units go for $1,410/mo.

At 28% of local median household income ($64,021/yr), Hobbs ranks as affordable compared to the national benchmark of 30%. Rents have increased 9.1% over the past year.

FAQ

Frequently asked questions

Is Hobbs an affordable city for renters?

Hobbs is considered affordable for renters. At $1,497/mo, rent takes approximately 28% of the local median household income ($64,021/yr). The standard benchmark is 30%. Hobbs falls comfortably within that range.

How much income do you need to rent in Hobbs?

To keep rent at or below 30% of gross income, you would need to earn at least $60,000/year (~$29/hour full-time) to afford the median rent of $1,497/mo in Hobbs. The local median household income is $64,021/yr, meaning the typical Hobbs household meets that threshold.

Is rent going up or down in Hobbs?

Rent in Hobbs has increased 9.1% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Hobbs rent compare to other cities in New Mexico?

Hobbs is middle-of-the-pack for New Mexico for rent, ranking #8 out of 15 tracked cities at $1,497/mo.

Which nearby cities are cheaper to rent in than Hobbs?

Several nearby cities have lower median rents than Hobbs ($1,497/mo): Portales ($862/mo), Roswell ($1,399/mo).

What percentage of Hobbs residents rent vs. own?

According to Census data, approximately 34% of Hobbs households are renters, while 66% are owner-occupied. Hobbs leans toward homeownership, which can mean a smaller rental inventory.

How does Hobbs rent compare to the national average?

Hobbs's median rent of $1,497/mo is $468 (24%) below the US national median of $1,965/mo. Within New Mexico, it ranks #8 out of 15 tracked cities.
Income Affordability
28%
AFFORDABLE

At $1,497/mo, rent takes ~28% of Hobbs's median household income ($64,021/yr). The standard benchmark is 30%.

Hobbs 28%Benchmark 30%
State income tax1.7–5.9%
Run the Hobbs affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Hobbs, NM

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