Lea County, New Mexico Housing Market
In Lea County, New Mexico, the median home value is $184,000, with a median monthly rent of $1,101. This places Lea County at #1584 nationally out of 3134 counties by median home value, and #14 within New Mexico.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,400
- Establishments: 2,077
- BLS QCEW, 2025
Housing Supply
- Single-family: 143
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 24,336 (avg $65,819)
- Outflow: 23,396 (avg $66,789)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 3 active ZIP codes in Lea County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 88242 | 348.0 | +8.86% | 2025 |
| 2 | 88240 | 334.8 | +7.20% | 2025 |
| 3 | 88260 | 335.4 | +4.07% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
💰 Ready to Finance a Purchase?
See the 2026 FHA and conforming loan limits for Lea County, plus monthly payment estimates at today's mortgage rates.
View Mortgage Guide for Lea County →How Lea County Compares
| Metric | Lea County | New Mexico Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $184,000 | $192,727 | $227,706 |
| Median Gross Rent | $1,101 | $904 | $968 |
| Owner Occupancy Rate | 71.2% | 74.2% | 73.3% |
| Price/Rent Ratio | 13.9 | 17.7 | 18.7 |
Market Analysis
The median home value in Lea County is 4.5% below the New Mexico state average and 19.2% below the U.S. national average. The median rent of $1,101/month is 21.8% above the state average.
With a price-to-rent ratio of 13.9, buying a home in Lea County is generally more favorable than renting for those planning to stay long-term. A ratio below 15 typically signals that purchasing is financially advantageous over a multi-year horizon.
Lea County has an owner-occupancy rate of 71.2%, compared to 74.2% in New Mexico and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Vanderburgh County | Indiana | $184,000 | $985 |
| Bristol city | Virginia | $184,100 | $801 |
| Butler County | Nebraska | $184,200 | $776 |
| Sussex County | Virginia | $183,800 | $907 |
| Pendleton County | West Virginia | $183,800 | $770 |
Other Counties in New Mexico
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| De Baca County | $187,500 | $387 | 71.5% |
| San Miguel County | $188,500 | $823 | 73.1% |
| Grant County | $175,600 | $825 | 75.8% |
| San Juan County | $193,800 | $956 | 71.2% |
| Curry County | $171,200 | $1,024 | 62.7% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).