Hobbs, NM home prices
Typical home $196,515 · +3.0% in a year · income needed $52,900
The Hobbs, NM metro area ranks 654 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +3.0% in a year and -17.2% over five years. With 20% down at 7.11%, the typical home costs about $1,234 a month including 0.48% property tax (Lea County rate).
Mortgage on the typical Hobbs home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $39,303 | $157,212 | $1,058 | $0 | $176 | $1,234 | $52,900 |
| 10% down | $19,652 | $176,864 | $1,190 | $74 | $176 | $1,440 | $61,700 |
| 5% down | $9,826 | $186,689 | $1,256 | $78 | $176 | $1,510 | $64,700 |
| 3.5% down (FHA) | $6,878 | $192,956 | $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.
Counties in the Hobbs area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Lea County, NM | $196,513 | +3.0% | 0.48% |
What can you afford in New Mexico on your salary? · New Mexico home prices · Salaries in New Mexico
Frequently asked questions
How much is a house in Hobbs?
The typical home in the Hobbs, NM metro area is worth $196,515 (Zillow, September 2026).
What salary do you need to buy a house in Hobbs?
About $52,900 a year for the typical home with 20% down at 7.11%.