Cost of Living in Lea County, New Mexico
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Lea County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lea County ranks #2,818 of 3,144 counties for affordability (bottom 10%)
Data Story
About Cost of Living in Lea County, New Mexico
Lea's strong incomes offset higher rents
Lea County renters spend 19.5% of household income on rent, essentially matching New Mexico's state average of 19.4%, but residents here earn $68,750—only 8% below the national median. This income advantage makes Lea's higher rents ($1,119) far more manageable than the raw number suggests.
Higher rents, higher wages, balanced burden
Lea County's rent-to-income ratio of 19.5% matches the state average, yet the county ranks among the state's higher-income counties. This above-average earning power is driven by oil and gas employment, which elevates both incomes and rents.
Highest rents, but strong incomes justify them
Lea's $1,119 median rent rivals Eddy County's $1,183, and both far exceed the state average of $876. The difference: Lea's $68,750 median income creates a 19.5% burden ratio, while lower-income neighbors struggle with higher proportional costs.
Energy sector earnings power the rental market
Renters pay $1,119 monthly while owners pay $699, with median home values around $176,000. The $68,750 median household income—well above most New Mexico counties—reflects the region's oil and gas economy and sustains the higher housing costs.
Lea: premium rents for energy-sector wages
Lea County offers higher rents than most of New Mexico, but also significantly higher incomes—primarily from oil and gas work. If you're considering a move here, factor in energy sector job cycles, which can dramatically impact both employment and housing demand.
Cost of Living Advisory: Lea County
Affordability Verdict
For renters in Lea County, the market is affordable. Expect to pay around $1,119/month in gross rent, with 28.0% of renter households considered cost-burdened.
Rent vs. Own
The median rent in Lea County is $1,119/month, while owner costs run $699/month. Owning saves approximately $420/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $44,760/year. For owner costs at the 28% rule, the required income is roughly $29,957/year. With a median household income of $68,750, most households can comfortably afford rent here. Notably, 28.0% of renter households in Lea County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Eddy County where rent averages $1,183/month, Lea County is approximately 5% less expensive.
Affordability Calculator
See how your income compares to housing costs in Lea County
Rent Burden
19.5%
of gross income
Max Housing (28% Rule)
$1,604
per month
Owner Cost Burden
12.2%
of gross income
You can likely afford the median home in Lea County
Median home value is $176,000. Estimated monthly cost: $1,405 vs. your max of $1,604.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
What is the cost of living in Lea County, New Mexico?
What is the median rent in Lea County?
Is Lea County affordable?
How does Lea County's rent compare to the state average?
What is the median home value in Lea County?
Counties with Similar Housing Costs
Planning a Move?
Researching the cost of living in Lea County, New Mexico? Compare moving quotes from top providers and save on your relocation.
Compare Moving QuotesCompare Mortgage Rates in Lea County
Whether you're buying your first home or refinancing, compare rates from top lenders to find the best deal.
See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
CostByCounty participates in affiliate programs. We may earn a commission when you use our links, at no extra cost to you.