Cost of Living in North Hobbs, NM

With a cost of living index of 85, North Hobbs, NM is a very affordable place to live. Living here is 15% cheaper than the national average and in line with the New Mexico state average. North Hobbs is a smaller community of 6,099 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in North Hobbs's cost of living. The median monthly rent is $1,109 (16% below the US median of $1,319), and the median home value sits at $233,200 (24% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in North Hobbs is $89,279, which is 19% higher than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.