| Index | Hobbs | New Mexico | National |
| Cost of living | 93 | 94 | 100 |
| Groceries | 97 | 98 | 100 |
| Health care | 97 | 98 | 100 |
| Housing | 85 | 85 | 100 |
| Transportation | 98 | 98 | 100 |
| Utilities | 98 | 97 | 100 |
| Lifestyle & Entertainment | 95 | 96 | 100 |
| Household Items | 100 | 98 | 100 |
| Education & Childcare | 94 | 96 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Hobbs? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Hobbs stands at 93, making it 7% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
The cost of living in Hobbs closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, houshold expenses, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Hobbs can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
The most insightful perspective on a city comes from its residents. We recently surveyed 5 locals to gauge their perception of the cost of living in Hobbs. The feedback revealed that 0% of respondents found the cost of living to be reasonable, with prices on the decline, while 100% regarded it as notably expensive with prices that continue to rise.
Is Hobbs an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Hobbs is 19.9% lower than the national average, while the average monthly rent prices are 4.9% lower than average. The affordability of any location can also be influenced by median income levels. Hobbs has a median household income of $84,572, which is 4% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Hobbs, the prevailing sales tax rate starts at 5%, and income tax rates kick off at 1.7%.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Hobbs, the utilities index registers 1.6% lower than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
The Hobbs cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $100,198 | $8,350 | $2,338 | $3,006 |
| Renters | $65,217 | $5,435 | $1,522 | $1,957 |
| State | General Sales Tax | With Max Surtax |
| New Mexico | 5% | 8.688% |
| State | Income Tax (Low) | Income Tax (High) |
| New Mexico | 1.7% | 5.9% |
| City | Population | Cost of Living Index | National Avg. |
| Monument, NM | 78 | 93 | 6.7% |
| North Hobbs, NM | 5,997 | 98 | 1.8% |
| Nadine, NM | 241 | 99 | 1.1% |
| Hobbs, NM | 39,472 | 93 | 6.7% |
| City | Population | Cost of Living Index | National Avg. |
| Lynnwood, WA | 39,454 | 138 | 38.0% |
| Florence, SC | 39,448 | 95 | 4.8% |
| Hot Springs, AR | 39,496 | 88 | 11.6% |
| Pahrump, NV | 39,506 | 101 | 0.9% |
| Brookfield, WI | 39,415 | 121 | 20.9% |
| Hobbs, NM | 39,472 | 93 | 6.7% |
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