Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 39,756 people, 13,178 houses or apartments, and a median cost of homes of $164,934, house prices in Hobbs are solidly below the national average.
Single-family detached homes are the single most common housing type in Hobbs, accounting for 68.88% of the city's housing units. Other types of housing that are prevalent in Hobbs include large apartment complexes or high rise apartments ( 12.95%), mobile homes or trailers ( 10.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.16%).
The most prevalent building size and type in Hobbs are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.03% owning and 41.97% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Hobbs's housing was primarily built during this period, from the '40s through the '60s. A full 41.78% of the city's housing hails from this era. Other housing ages represented in Hobbs include homes built between 1970-1999 ( 35.30%) and housing constructed between 2000 and later ( 20.05%). There's also some housing in Hobbs built before 1939 ( 2.87%).
Vacant housing appears to be an issue in Hobbs. Fully 12.24% of the housing stock is classified as vacant. Left unchecked, vacant Hobbs homes and apartments can be a drag on the real estate market, holding Hobbs real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Hobbs's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hobbs during the period has been just 4.18%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Hobbs's appreciation rate, at 4.62%, has been at or slightly above the national average. In the latest quarter, Hobbs's appreciation rate has been 0.93%, which annualizes to a rate of 3.78%.
Notably, Hobbs's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New Mexico, our data show that Hobbs's latest annual appreciation rate is lower than 90% of the other cities and towns in New Mexico.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Hobbs differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hobbs - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Hobbs real estate investment or home purchase decisions.
$1,886 / per month