How much does it cost to rent in Hobbs, NM?

As of August 2026, the median monthly rent in Hobbs, NM is $1,439. This figure is based on aggregated data from public sources and community-submitted rents.

Is Hobbs cheaper than other New Mexico cities?

Hobbs is among the more affordable cities in New Mexico, ranking #10 out of 15 cities at $1,439/mo.

When was Hobbs rent data last updated?

Hobbs rent data reflects August 2026 and was last refreshed on August 17, 2026. RentDataNow refreshes all data monthly using public and private datasets.

Is Hobbs a renter's market or a landlord's market?

Based on RentDataNow's Rent Market Meter, Hobbs is currently a renter's market. Rents are softening (up only 3.5% YoY), so renters have negotiating leverage. The meter is derived from rent-price momentum (year-over-year and month-over-month change), not inventory levels.

What is the Fair Market Rent in Hobbs, NM?

HUD sets the Fair Market Rent for a two-bedroom home in Hobbs, NM at $1,140 per month, which is 21% below the $1,439 market median. Fair Market Rent is the Housing Choice Voucher (Section 8) payment standard. It is a 40th-percentile gross rent that includes essential utilities such as electricity, water, gas, sewer, and trash, and HUD updates it once a year, so it measures something different from current market asking rent.

City Report · NM

Hobbs

Name: Average Rent Prices in Hobbs, NM
Creator: RentDataNow
License: https://creativecommons.org/licenses/by/4.0/

Pop. 40,252·10th most expensive in New Mexico·Rental market data updated monthly for Hobbs, NM

Median rent (all units)

$1,439/mo

Year-over-Year

+3.5%

Month-over-Month

-3.9%

vs US Median

-$523

Falling (Monthly)

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Most AffordableMost Expensive

Hobbs · $1,439

More affordable than 79% of US cities · National median $1,962/mo

Rent Reality Score

53/100

Fairly priced

OverheatedFairGreat value

Rents are right about where Hobbs's 10-year trend predicts.

Actual rent

$1,439/mo

Expected by trend

$1,459/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

Fair Market Rent (HUD)

$1,140/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,439 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

Loading…

Last updated: August 17, 2026

Annual cost

$17,268/yr

At $1,439/mo median

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (up only 3.5% YoY), so renters have negotiating leverage.

Based on rent-price momentum (+3.5% YoY, -3.9% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

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 → $1,439

up 22.6%

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 22.6% since 2023, going from about $1,174 per month to roughly $1,439 today. Census figures show median household income at $64,021 today, compared with $59,232 five years earlier. Rent outpaced income growth by roughly 14.5 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

Discussions about Hobbs

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View Hobbs rent history (2015–2026) →

Salary vs rent

Can you afford rent in Hobbs on your salary?

At $1,439/mo, how Hobbs rent compares to typical pay (30% rule).

Registered Nurse

Avg $85,032/yr · Rent = 20.3% income

affordable

Elementary School Teacher

Avg $60,372/yr · Rent = 28.6% income

affordable

Police Officer

Avg $69,543/yr · Rent = 24.8% income

affordable

Software Developer

Avg $124,299/yr · Rent = 13.9% income

very comfortable

Lawyer

Avg $158,823/yr · Rent = 10.9% income

very comfortable

Firefighter

Avg $56,529/yr · Rent = 30.5% income

stretched

Truck Driver

Avg $51,039/yr · Rent = 33.8% income

stretched

Electrician

Avg $62,910/yr · Rent = 27.4% income

affordable

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: August 17, 2026

The median rent in Hobbs is $1,439/mo as of August 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 27% of local median household income ($64,021/yr), Hobbs ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.5% over the past year.

FAQ

Frequently asked questions

Is Hobbs an affordable city for renters?

Hobbs is considered affordable for renters. At $1,439/mo, rent takes approximately 27% 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 $58,000/year (~$28/hour full-time) to afford the median rent of $1,439/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 3.5% over the past year as of August 2026, putting upward pressure on renter budgets.

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

Hobbs is one of the more affordable cities in New Mexico for rent, ranking #10 out of 15 tracked cities at $1,439/mo.

Which nearby cities are cheaper to rent in than Hobbs?

Several nearby cities have lower median rents than Hobbs ($1,439/mo): Portales ($975/mo), Roswell ($1,273/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 $1,439/mo is $523 (27%) below the US national median of $1,962/mo. Within New Mexico, it ranks #10 out of 15 tracked cities.

Income Affordability

27%

AFFORDABLE

At $1,439/mo, rent takes ~27% of Hobbs's median household income ($64,021/yr). The standard benchmark is 30%.

Hobbs 27%Benchmark 30%

State income tax1.7–5.9%

Run the Hobbs affordability calculator →

Nearby cities