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Hobbs city, NM

ZIP 88240 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 88240

Median Home Value
$177,200
Median Rent
$934
Affordability Snapshot
$49,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,138/mo PITI).

17%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.7x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

15.8 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 88240 in Hobbs city, NM, a household would need roughly $49,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,138. That sits below the local median household income ($65,394), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 11% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
64.6%-1% vs US avg
x
Vacancy Rate
11.2%+9% vs US avg
x
Broadband Access
83.8%-4% vs US avg
x
4+ Bedrooms
1.3%-92% vs US avg
x
Built Pre-1939
2.8%-78% vs US avg
x
Built Post-2014
1.0%-85% vs US avg
x
Rent Burden >30%
18.7%-62% vs US avg
x
Mortgage-Free
54.6%+43% vs US avg
x
$177,200
Home Value
$934
Rent
1977
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached66.8%
  • 1-unit attached2.8%
  • 2-9 units8.3%
  • 10+ units8.4%
  • Mobile home & other13.7%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$177,200
Median rent$934
Owner-occupied64.6%
Vacant11.2%
Price-to-income2.7x
Est. income to buy$49,000