Farmington, NM vs Hobbs, NM

Farmington, NM and Hobbs, NM have a very similar cost of living, with only a 2.8% difference in their overall index. Farmington scores 79 while Hobbs scores 81 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Farmington is $993/month compared to $1,132/month in Hobbs — a 12% difference. Interestingly, home values tell a different story: while Farmington has cheaper rent, Hobbs actually has lower median home values ($180,700 vs $225,400).

Median household income in Farmington is $63,745 compared to $65,691 in Hobbs (-3%). While Hobbs is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Farmington spend roughly 18.7% of their income on rent, less than the 20.7% in Hobbs.