Lea County, New Mexico home prices
Typical home $196,513 · +3.0% in a year · property tax 0.48%
The typical home in Lea County is worth $196,513, 38% less than the New Mexico typical home ($315,812). Values changed +3.0% in the past year and -17.3% over five years. Homeowners here pay a median 0.48% of their home's value in property tax each year ($939 on the typical home), versus 0.63% statewide.
Mortgage on the typical Lea County home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $39,303 | $157,210 | $1,058 | $0 | $176 | $1,234 | $52,900 |
| 10% down | $19,651 | $176,862 | $1,190 | $74 | $176 | $1,440 | $61,700 |
| 5% down | $9,826 | $186,687 | $1,256 | $78 | $176 | $1,510 | $64,700 |
| 3.5% down (FHA) | $6,878 | $192,954 | $1,298 | $87 | $176 | $1,561 | $66,900 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.48% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
What it takes: see what you can afford by salary in New Mexico · part of the Hobbs metro area.
New Mexico counties with similar prices
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Socorro County | $197,130 | +3.3% | 0.61% |
| Catron County | $212,317 | +8.5% | 0.36% |
| Sierra County | $180,323 | +4.2% | 0.52% |
| Grant County | $178,942 | -4.8% | 0.46% |
| McKinley County | $216,464 | -2.1% | 2% |
| Torrance County | $217,224 | +6.0% | 0.45% |
| Chaves County | $171,293 | +0.4% | 0.6% |
| Luna County | $163,798 | +4.3% | 0.54% |
| Otero County | $229,953 | -1.8% | 0.55% |
| Curry County | $159,828 | +2.4% | 0.59% |
Frequently asked questions
What is the average home price in Lea County, NM?
The typical home value in Lea County is $196,513 (Zillow Home Value Index, September 2026).
How much do you need to earn to buy a house in Lea County?
About $52,900 a year for the typical home with 20% down at a 7.11% 30-year rate.
What is the property tax rate in Lea County?
The median effective rate is 0.48% of home value a year (Census ACS 2024 5-year estimates).