Hobbs, NM Cost Of Living
Cost Of Living In Hobbs, NM Summary
Cost of living in Hobbs research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Hobbs is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Mexico, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Hobbs is 91, with 100 being the average.
The cost of living index in Hobbs is 0.9x lower than the national average.
Hobbs ranks as the #22 cheapest in New Mexico out of 45.
Hobbs ranks as the #1,347 cheapest out of 6,489 in the US.
The median home value in Hobbs is $199,781.
The median income in Hobbs is $65,691.
Table Of Contents
Hobbs's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Hobbs, NM?
According to the most recent data on the cost of living, Hobbs has an overall cost of living index of 91, which is 0.9x lower than the national index of 100.
Compared to New Mexico, Hobbs has a cost of living index that's 1.0x lower than New Mexico's index of 95.
The standard of living in Hobbs ranks as #22 most affordable out of the 45 places we measured in New Mexico. By definition, that implies Hobbs ranks as the #23 most expensive place in the Land of Enchantment.
For more reading on life in Hobbs, check out:
In New Mexico
In America
Hobbs Cost Of Living Vs. New Mexico
Six factors go into calculating the cost of living index in Hobbs. Here is how it fairs on each of the criteria:
The Services index in Hobbs is 98.
The Groceries index in Hobbs is 99.
The Health index in Hobbs is 92.
The Housing index in Hobbs is 84.
The Transportation index in Hobbs is 95.
The Utilities index in Hobbs is 100.
| Living Expense | Hobbs | New Mexico | National Average | |
|---|---|---|---|---|
| Overall | 91 | 95 | 100 | |
| Services | 98 | 96 | 100 | |
| Groceries | 99 | 96 | 100 | |
| Health | 92 | 95 | 100 | |
| Housing | 84 | 87 | 100 | |
| Transportation | 95 | 93 | 100 | |
| Utilities | 100 | 89 | 100 | |
Hobbs, NM Housing Cost Breakdown
Housing swings affordability the most between places in New Mexico, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Hobbs is $199,781.
The Median Rent in Hobbs is $1,132.
The Median Income in Hobbs is $65,691.
The Home Value To Income in Hobbs is 3.0x.
The Rent To Monthly Income in Hobbs is 0.21x.
| Statistic | Hobbs | New Mexico | United States |
|---|---|---|---|
| Median Home Value | $199,781 | $311,815 | $303,400 |
| Median Rent | $1,132 | $1,021 | $1,348 |
| Median Income | $65,691 | $62,125 | $78,538 |
| Home Value To Income | 3.0x | 5.0x | 3.9x |
| Rent To Monthly Income | 0.21x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Hobbs, NM Costs By Category
Detailed Hobbs Services Costs Vs. New Mexico
| Item | Hobbs | New Mexico |
|---|---|---|
| Shampoo | $1.15 | $1.28 |
| Movie | $11.7 | $12.13 |
| Bowling | $17.73 | $18 |
| Haircut | $27.73 | $24.26 |
| Beauty Salon | $70.27 | $45.56 |
Detailed Hobbs Groceries Costs Vs. New Mexico
| Item | Hobbs | New Mexico |
|---|---|---|
| Ground Beef | $5.5 | $5.84 |
| Fried Chicken | $1.67 | $1.57 |
| Milk | $4.58 | $4.67 |
| Potatoes | $4.86 | $4.93 |
| Pizza | $11.64 | $12.09 |
| Beer | $10.47 | $10.41 |
| Toothpaste | $3.61 | $3.7 |
Detailed Hobbs Health Costs Vs. New Mexico
| Item | Hobbs | New Mexico |
|---|---|---|
| Optometrist | $134.65 | $125.68 |
| Doctor | $146.52 | $135.78 |
| Dentist | $122.61 | $113.29 |
Detailed Hobbs Transportation Costs Vs. New Mexico
| Item | Hobbs | New Mexico |
|---|---|---|
| Gasoline | $3.06 | $3.46 |
| Tire Balancing | $61.55 | $59.92 |
Detailed Hobbs Utilities Costs Vs. New Mexico
| Item | Hobbs | New Mexico |
|---|---|---|
| All Electricity | $137.32 | $193.99 |
| Phone | $207.58 | $192.25 |
Hobbs SnackAbility
/10
Cost Of Living In Cities Around Hobbs
The cost of living varies in the cities and towns around Hobbs. Here's a quick look at the cost of living in the most populous nearby places:
Andrews, TX has a cost of living index of 97, 1.1x Hobbs.
Lovington, NM has a cost of living index of 89, 1.0x Hobbs.
Seminole, TX has a cost of living index of 92, 1.0x Hobbs.
| City | Population | Cost Of Living | Vs. Hobbs |
|---|---|---|---|
| Andrews, TX | 13,416 | 97 | 1.1x |
| Lovington, NM | 11,444 | 89 | 1.0x |
| Seminole, TX | 7,097 | 92 | 1.0x |
| North Hobbs, NM | 6,099 | 99 | 1.1x |
