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ZIP Code · NM

ZIP 88240

Part of Hobbs, NM
Pop. 41,557·Lea County·27th most expensive ZIP in New Mexico
Median rent (all units)
$1,299/mo
Year-over-Year
Stable
Month-over-Month
+2.0%
vs US Median
-$666
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 88240 · $1,299
More affordable than 87% of US ZIP codes · National median $1,965/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: July 20, 2026

Annual cost
$15,588/yr
At $1,299/mo median
Location
CityHobbs
StateNM
CountyLea County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.0% YoY, +2.0% 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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Local insights

Tips for renters in ZIP 88240

About renting in ZIP 88240

Last updated: July 20, 2026

ZIP code 88240 covers Hobbs, NM. The median rent here is $1,299/mo as of July 2026. A 1-bedroom rents for a median of $1,070/mo. A 2-bedroom rents for a median of $1,330/mo.

At 25% of local median household income ($63,270/yr), ZIP 88240 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 88240?

As of July 20, 2026, the median monthly rent in ZIP 88240 (Hobbs, NM) is $1,299. This is based on aggregated data from public sources and community submissions.

How does ZIP 88240 rent compare to the US average?

ZIP 88240's median rent of $1,299/mo is $666 (34%) below the US national median of $1,965/mo.

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

ZIP 88240 is among the more affordable ZIP codes in New Mexico, ranking #27 out of 35 ZIPs at $1,299/mo.

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 $52,000/year (~$25/hour full-time) to afford the median rent of $1,299/mo in ZIP 88240. The local median household income is $63,270/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 88240?

Rent in ZIP 88240 has been relatively stable over the past year, with a 0.0% change year over year as of July 20, 2026.

Is ZIP 88240 an affordable place to rent?

ZIP 88240 is considered affordable for renters. At $1,299/mo, rent takes approximately 25% of the local median household income ($63,270/yr). The standard benchmark is 30%. ZIP 88240 falls comfortably within that range.

What percentage of ZIP 88240 residents rent vs. own?

According to Census data, approximately 32.9% of ZIP 88240 households are renters, while 67.1% are owner-occupied. ZIP 88240 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 88240 compare to the rest of Hobbs?

ZIP 88240 is more affordable than Hobbs overall. At $1,299/mo, it's $198 below the Hobbs citywide median of $1,497/mo.

When was rent data for ZIP 88240 last updated?

Rent data for ZIP 88240 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
25%
AFFORDABLE

At $1,299/mo, rent takes ~25% of ZIP 88240's median household income ($63,270/yr). The standard benchmark is 30%.

ZIP 88240 25%Benchmark 30%
State income tax1.7–5.9%
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Schools nearby

Public schools near ZIP 88240 (Hobbs, NM)

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