In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
A general overview of the cost of living index for Hobbs, NM is displayed above. In Hobbs, NM, the overall cost of living index is 88, which is 5% lower than the New Mexico average and 12% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Hobbs, NM, the city's goods and services are 1% higher than the New Mexico average and 5% lower than the U.S. average.
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The cost of living in Hobbs is 5% lower than the New Mexico average.
The cost of living in Hobbs is 12% lower than the national average.
The cost of housing in Hobbs is 30% lower than the national average.
New Mexico general sales tax is 1% higher than the national average.
New Mexico state income tax is 24% lower than the national average.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current income in Hobbs, NM to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Hobbs, NM, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Hobbs, NM salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
One can approximate the cost of living and the housing affordability in Hobbs, NM by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Hobbs, NM have a median income of $67,139. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,566 per month to avoid calamity and poverty. The renters in the city have an income of about $43,414, which would make their monthly maximum allowable rental costs $1,013.
New Mexico Sales Tax
General Sales Tax
With Max Surtax
New Mexico Income Tax
Income Tax (Low)
Income Tax (High)
For those who live in Hobbs, NM and want to know what the true cost of living is, they ought to look at both the New Mexico income tax rate and the New Mexico sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New Mexico, the sales tax is 5.125%, while the most you'll pay in surtax is 8.688%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New Mexico, the income tax rate ranges between 1.7% to 4.9%.
Goods & Services
Avg. Mortgage Payment
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.