Mortgage payment estimates, closing cost breakdowns, and homebuying data for Hobbs, New Mexico.
Pre-filled with Hobbs median home price and New Mexico tax/insurance rates. Adjust for your property.
Estimated closing costs based on New Mexico rates and fees applied to Hobbs prices.
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.