Location: Lea County, NM | Metro: Lea County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The ZIP code 88244 in Hobbs, NM represents a small-sized community with diverse demographics. It currently has a population of 1,183 residents, slightly higher than the provided figure of 1,105. This area is characterized by a working-class earning profile, with a median household income of -$666,666,666, though it is important to note that this figure appears to be erroneous and should be treated as unavailable. Similarly, the median home value is also listed as -$666,666,666, suggesting that this data point is not accurately reported.
In terms of rental economics, the Fair Market Rent (FMR) for ZIP 88244 is set at $1,330 for the fiscal year 2026, which is the only concrete figure available. However, the median rent in the area is listed as -$666,666,666, again indicating that this data point is not correctly reported. Given the lack of precise market rent data, it is difficult to make a direct comparison between FMR and market rent. However, the FMR provides a benchmark for assessing rental affordability.
The place fits better for a hands-off voucher operator rather than a hands-on value-add buyer. The community is small and likely stable, with little indication of rapid growth or change that would necessitate active management. Additionally, the FMR provides a consistent basis for setting rents, reducing the need for frequent adjustments or market analysis.
Despite the unavailability of certain key data points, the area's overall livability score is not provided, and there is no clear indication of the quality of life based on the available information. The cost of living in Hobbs, NM is 197 compared to the national average of 100, indicating that expenses are above average, which could be a consideration for potential investors.
The housing affordability in Hobbs, NM is excellent, with a home price-to-income ratio of 1.0:1, which is highly favorable compared to the national benchmark of 3-4:1. This suggests that homeownership is more accessible in this area.
Given the limited data on median income and home values, investors should focus on the FMR as a guide for rental pricing and consider the area's cost of living index when evaluating potential returns and risks.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.