Rent in Hobbs, NM
Across Hobbs's 4 ZIP codes, a 2-bedroom typically rents for about $1,327 a month, with figures from $1,031–$1,620. The highest typical rent is in 88242 ($1,620) and the lowest in 88240 ($1,031). 2 ZIPs have ZIP-level figures from HUD or Census; the other 2 use the county Fair Market Rent. Owner-occupied homes in Lea County pay about 0.48% of their value a year in property tax, and the 30-year fixed mortgage rate averaged 7.24% in the week of Oct 29, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $1,111 | $1,077–$1,111 | 4 |
| 1 bed | $1,117 | $878–$1,117 | 4 |
| 2 beds | $1,327 | $1,031–$1,620 | 4 |
| 3 beds | $1,585 | $1,235–$1,670 | 4 |
| 4 beds | $1,823 | $1,288–$1,823 | 4 |
Typical = median of each ZIP's best guess. Gross rent (rent plus tenant-paid utilities). Sources: Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).
Hobbs ZIP codes
2 bedsFrequently asked questions
- What is the average rent for a 2-bedroom in Hobbs, NM?
- About $1,327 a month: the median of the typical rents in 4 ZIP codes, which range from $1,031–$1,620. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Hobbs, NM?
- About $1,117 a month: the median of the typical rents in 4 ZIP codes, which range from $878–$1,117. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Hobbs, NM?
- About $1,585 a month: the median of the typical rents in 4 ZIP codes, which range from $1,235–$1,670. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Hobbs, NM?
- About $1,111 a month: the median of the typical rents in 4 ZIP codes, which range from $1,077–$1,111. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Hobbs, NM?
- About $1,823 a month: the median of the typical rents in 4 ZIP codes, which range from $1,288–$1,823. Figures are gross rent (rent plus tenant-paid utilities).
- Which Hobbs ZIP code has the highest rent?
- For a 2-bedroom, 88242 has the highest typical rent at $1,620 a month, and 88240 the lowest at $1,031.
- What is the property tax rate in Hobbs, NM?
- Owner-occupied homes in Lea County pay a typical 0.48% of their value a year (Census ACS, median taxes paid ÷ median home value, Dec 31, 2024). Investors often pay more after a purchase: the home is reassessed at the sale price and there is no homestead exemption.
- What is the current 30-year mortgage rate?
- The 30-year fixed rate averaged 7.24% in the week of Oct 29, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Hobbs rent figures come from?
- Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).