Median Home Price
$259,731.52
Median Rent
$1,415.42/mo
Price-to-Rent Ratio
15.3
Property Tax RateTIE
0.80%
Price Change (1Y)BETTER
+1.7%
Price Change (5Y)BETTER
+8.7%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$104,331
Median Home PriceBETTER
$189,258.96
Median RentBETTER
$1,363.12/mo
Price-to-Rent RatioBETTER
11.6
Property Tax RateTIE
0.80%
Price Change (1Y)
+0.5%
Price Change (5Y)
+2.4%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$45,303
Key Differences
Home Prices
Farmington's median home price of $259,731.52 is higher than Hobbs's $189,258.96 by 37%.
Monthly Rent
Renting in Farmington costs $1,415.42/mo compared to $1,363.12/mo in Hobbs—a difference of $52.3/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.