ZIP Code · NM

ZIP 88240

Part of Hobbs, NM

Pop. 41,557·Lea County·21st most expensive ZIP in New Mexico

Median rent (all units)

$1,460/mo

Year-over-Year

+11.6%

Month-over-Month

+1.7%

vs US Median

-$472

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 88240 · $1,460

More affordable than 76% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,070

1 BR

$1,070

2 BR

$1,330

3 BR

$1,650

4 BR+

$1,840

Research median

$1,330/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: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of New Mexico

Rent in ZIP 88240 changed +11.6% over the year to September 2026. Across the 32 New Mexico ZIP codes Zillow tracks, the typical change was +3.2%.

Recent direction

Rent has risen 3 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($63,270) is $1,582 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,330); a 3-bedroom is $1,650.

From Zillow's monthly rent index (ZORI) for ZIP 88240. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$17,520/yr

At $1,460/mo median

Location

CityHobbs

StateNM

CountyLea County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 11.6% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+11.6% YoY, +1.7% MoM), not inventory.

Demographics

Who lives here

ZIP 88240 (Hobbs, NM) is majority owner-occupied, has a large share of families with children, has a median income below the national average, 16.2% of residents hold a bachelor's degree or higher.

Population

41,557

Median income

$63,270

Median age

31.2

Renters

32.9%

Age distribution

30.2%

26.1%

22.5%

12.1%

Under 1830.2%

18–3426.1%

35–5422.5%

55–649.1%

65+12.1%

Gender

51.1%

48.9%

Male51.1%

Female48.9%

Race & ethnicity

39.1%

63.7%

White39.1%

Black5.2%

Hispanic63.7%

Asian0.9%

Education (25+)

26.2%

31.3%

26.2%

16.2%

No HS diploma26.2%

HS diploma31.3%

Some college26.2%

Bachelor's+16.2%

Housing tenure

67.1%

32.9%

Owner67.1%

Renter32.9%

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

2021 vs 2026

How ZIP 88240 in Hobbs, NM has changed in 5 years

Income

$58,931 → $63,270

up 7.4%

Population

41,204 → 41,557

up 0.9%

Renter share

37.5% → 32.9%

-4.6 pts

Bachelor's+

16.3% → 16.2%

-0.1 pts

Median age

29.4 → 31.2

+1.8 yrs

Household income in the area moved from $58,931 to $63,270 across the same window, up 7.4% versus 2021. The renter share has eased from 37.5% to 32.9%, with owner-occupied housing accounting for the remainder.

Community

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About renting in ZIP 88240

Last updated: October 17, 2026

ZIP code 88240 covers Hobbs, NM. The median rent here is $1,460/mo as of October 2026. A 1-bedroom rents for a median of $1,070/mo. A 2-bedroom rents for a median of $1,330/mo.

At 28% of local median household income ($63,270/yr), ZIP 88240 ranks as affordable compared to the national benchmark of 30%. Rents have increased 11.6% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 88240?

To keep rent at or below 30% of gross income, you would need to earn at least $58,000/year (about $28/hour full-time) to afford the median rent of $1,460/mo in ZIP 88240. The local median household income is $63,270/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 88240?

Rent in ZIP 88240 has risen 11.6% over the past year.

How does ZIP 88240 compare to other ZIPs in New Mexico?

ZIP 88240 is in the middle among New Mexico ZIP codes for rent, ranking #21 of 36 at $1,460/mo. Over the year to September 2026, rent in ZIP 88240 changed +11.6%, against a typical +3.2% across the 32 New Mexico ZIP codes Zillow tracks.