Hobbs, NM is a small city in New Mexico that is known for its attractive cost of living. The average rent for a two-bedroom apartment is $1,050 as compared to the US average of $1,430 which makes renting in Hobbs an excellent option. Furthermore, groceries are also cheaper in Hobbs with the grocery cost index being 93 versus 100 nationally. There are several large employers in the area such as Chevron, Lea Regional Medical Center and PPC Lubricants. Other local businesses include Landmark Aviation and Xytex Corporation. All of these factors make Hobbs an ideal place to live with a low cost of living and plenty of job opportunities.
Hobbs has an unemployment rate of 12.1%. The US average is 6.0%.
Hobbs has seen the job market increase by 7.8% over the last year. Future job growth over the next ten years is predicted to be 24.7%, which is lower than the US average of 33.5%.
Tax Rates for Hobbs
- The Sales Tax Rate for Hobbs is 6.8%. The US average is 7.3%.
- The Income Tax Rate for Hobbs is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Hobbs
- The average income of a Hobbs resident is $22,115 a year. The US average is $28,555 a year.
- The Median household income of a Hobbs resident is $59,232 a year. The US average is $69,021 a year.