Hobbs, NM Metro Area is an attractive option for those seeking to rent a two bedroom apartment. The cost of renting a two bedroom apartment in the area is significantly lower than the US average, at $1,020 compared to $1,430. This cost saving can be attributed in part to the Grocery Cost Index of 92, which is 8 points less than the 100 index in the US. The area is also home to many local businesses which provide further economic benefits, including New Mexico Refining Company and International Paper Company. Both companies have been established in Hobbs for decades and contribute greatly to the region's economy.
Hobbs Metro Area has an unemployment rate of 11.3%. The US average is 6.0%.
Hobbs Metro Area 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 22.3%, which is lower than the US average of 33.5%.
Tax Rates for Hobbs Metro Area
- The Sales Tax Rate for Hobbs Metro Area is 6.8%. The US average is 7.3%.
- The Income Tax Rate for Hobbs Metro Area 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 Metro Area
- The average income of a Hobbs Metro Area resident is $22,962 a year. The US average is $28,555 a year.
- The Median household income of a Hobbs Metro Area resident is $62,319 a year. The US average is $69,021 a year.