Department of Numbers

Lea County New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Lea County NM was $785 in 2017 according to the Census ACS survey.1 Average gross rent in Lea County was $739 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Lea County median and average rent data will be released in September of 2019.

Data is also available below for Lea County rental vacancy rates, Lea County rent as a percent of median income and the fraction of renters in Lea County.

Show dollars as: Nominal Real

Real Gross Rent in Lea County New Mexico (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
New Mexico Median Gross Rent $813 -0.37% +2.14%
Lea County NM Median Gross Rent $785 -4.62% -1.63%

Lea County NM Real Gross Rent Trends

Median gross rent for Lea County peaked in real terms in 2015 at $879 and is now $94 (10.69%) lower. Average gross rent for Lea County peaked in real terms in 2016 at $770 and is now $31 (4.03%) lower.

Real Gross Rent: Lea County NM Median, Lea County NM Average, New Mexico Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lea County

Date US
Median
New Mexico
Median
Lea County NM
Median
Lea County NM
Average
2017 $1,012 $813 $785 $739
2016 $996 $816 $823 $770
2015 $987 $806 $879 $761
2014 $956 $796 $798 $714
2013 $924 $788 $861 $767
2012 $912 $777 $715 $663
2011 $912 $764 $774 $668
2010 $927 $758
2009 $931 $752
2008 $947 $767
2007 $899 $726
2006 $909 $735

Historical Rental Vacancy Rate data for Lea County

Date US New Mexico Lea County NM
2017 6.18% 8.29%
2016 5.89% 9.86%
2015 5.85% 8.75%
2014 6.32% 8.41%
2013 6.49% 9.01%
2012 6.77% 8.62%
2011 7.40% 7.42%
2010 8.17% 7.31%
2009 8.43% 9.74%
2008 7.86% 7.55%
2007 7.87% 9.64%
2006 7.70% 8.42%

Rent as a Fraction of Income

Using median household income data for Lea County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lea County, median monthly gross rent as a fraction of median household income was 16.84% in 2017 according to the ACS.

Lea County New Mexico Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
New Mexico 20.87% +0.23% +0.06%
Lea County NM 16.84% -0.63% +1.60%

Trends in Lea County NM Rent as a Fraction of Income

The fraction of median Lea County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2011 series origin) at 18.22%. Since then it has fallen by 1.38% to 16.84%.

Fraction of Income towards Rent: Lea County NM, New Mexico, US

Percent of median household income going towards median monthly gross rent in Lea County New Mexico

Historical Data for Annual Rent as a Fraction of Income in Lea County New Mexico

Date US New Mexico Lea County NM
2017 20.13% 20.87% 16.84%
2016 20.43% 20.64% 17.47%
2015 20.63% 20.70% 18.22%
2014 20.89% 20.81% 15.24%
2013 20.78% 21.12% 18.00%
2012 20.65% 21.23% 16.15%
2011 20.70% 20.85% 17.47%
2010 20.50% 19.93%
2009 20.12% 18.96%
2008 19.00% 18.42%
2007 18.66% 18.44%
2006 18.90% 18.22%

Renter Fraction in Lea County New Mexico

You can calculate the renter fraction in Lea County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Lea County as a fraction of total Lea County households. In 2017 33.43% of households were renters according to Census ACS data.

Lea County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
New Mexico 32.08% -0.53% -1.01%
Lea County NM 33.43% +0.77% +6.78%

Trends in the Lea County NM Renter Fraction

The Lea County household renter fraction peaked in in 2015 at 34.31% and is now 0.88% below that level. The origin year for the series is 2011.

Fraction of Renting Households: Lea County NM, New Mexico, US

Fraction of renters in Lea County

History of Lea County Renter Fraction

Date US New Mexico Lea County NM
2017 36.13% 32.08% 33.43%
2016 36.88% 32.61% 32.66%
2015 36.97% 32.55% 34.31%
2014 36.90% 33.09% 26.65%
2013 36.50% 32.09% 31.74%
2012 36.09% 32.27% 29.91%
2011 35.42% 31.84% 30.52%
2010 34.65% 32.06%
2009 34.13% 30.67%
2008 33.36% 30.83%
2007 32.80% 29.99%
2006 32.73% 30.32%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.