Mortgage payment estimates, closing cost breakdowns, and homebuying data for Hobbs, New Mexico.
Median Home Price
$195K
Population
41K
Avg Monthly Rent
$950
Property Tax Rate
0.8% *
* Property tax shown is the New Mexico state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Hobbs.
Hobbs vs New Mexico Median
The median home price in Hobbs is $195,000, which is 30% below the New Mexico state median of $280,000.
Mortgage Calculator — Hobbs, NM
Pre-filled with Hobbs median home price and New Mexico tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using New Mexico's 0.8% tax rate and $1,900/yr insurance.
5% Down
$1,567/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $130
Insurance: $158
PMI: $108
10% Down
$1,500/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $130
Insurance: $158
PMI: $102
20% Down (No PMI)
$1,274/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $130
Insurance: $158
Income needed (28% rule): $55K/year with 20% down, $64K/year with 10% down.
Rent vs Buy in Hobbs
Rent
$950/mo
vs
Buy (10% down)
$1,500/mo
Price-to-rent ratio: 17.1 — A ratio between 15-20 means the rent vs buy decision in Hobbs depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Hobbs is $195,000, 30% below the New Mexico state median of $280,000. With a population of 40,508, Hobbs is a smaller market where home prices tend to be more accessible than in many parts of New Mexico.
Property taxes in New Mexico average 0.8% annually. This moderate property tax rate means a $195,000 home in Hobbs would carry roughly $130/month in property taxes. Homeowners insurance in New Mexico runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Hobbs is $950/month. The price-to-rent ratio in Hobbs is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Hobbs offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New Mexico's MFA First Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Hobbs.