Lea County New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Lea County NM was $1,006 in 2019 according to the Census ACS survey.1 Average gross rent in Lea County was $806 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Lea County median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Lea County New Mexico (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Mexico Median Gross Rent | $847 | +0.24% | +0.59% |
| Lea County NM Median Gross Rent | $1,006 | +14.58% | +18.63% |
Lea County NM Real Gross Rent Trends
At $1,006, real median gross rent in Lea County was at its highest level in 2019 since the series began in 2011. At $806, real average gross rent in Lea County was at its highest level in 2019 since the series began in 2011.
Real Gross Rent: Lea County NM Median, Lea County NM Average, New Mexico Median, US Median
Real Gross Rent History for Lea County
| Date | US Median |
New Mexico Median |
Lea County NM Median |
Lea County NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $1,006 | $806 |
| 2018 | $1,077 | $845 | $878 | $771 |
| 2017 | $1,043 | $838 | $809 | $762 |
| 2016 | $1,027 | $842 | $848 | $794 |
| 2015 | $1,017 | $831 | $906 | $785 |
| 2014 | $986 | $820 | $822 | $736 |
| 2013 | $953 | $813 | $888 | $791 |
| 2012 | $940 | $801 | $737 | $684 |
| 2011 | $941 | $787 | $798 | $689 |
| 2010 | $955 | $781 | — | — |
| 2009 | $960 | $775 | — | — |
| 2007 | $927 | $748 | — | — |
| 2005 | $910 | $734 | — | — |
Historical Rental Vacancy Rate data for Lea County
| Date | US | New Mexico | Lea County NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | — |
| 2018 | 6.15% | 8.31% | — |
| 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% | — |
| 2007 | 7.87% | 9.64% | — |
| 2005 | 7.74% | 7.47% | — |
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 17.63% in 2019 according to the ACS.
Lea County New Mexico Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Mexico | 19.57% | -1.55% | -1.07% |
| Lea County NM | 17.63% | -2.70% | +0.16% |
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 2018 (relative to the 2011 series origin) at 20.33%. Since then it has fallen by 2.70% to 17.63%.
Fraction of Income towards Rent: Lea County NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Lea County New Mexico
| Date | US | New Mexico | Lea County NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 17.63% |
| 2018 | 20.50% | 21.12% | 20.33% |
| 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% | — |
| 2007 | 18.66% | 18.44% | — |
| 2005 | 18.89% | 18.79% | — |
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 2019 35.77% of households were renters according to Census ACS data.
Lea County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Mexico | 31.93% | -1.91% | -0.68% |
| Lea County NM | 35.77% | +0.25% | +3.11% |
Trends in the Lea County NM Renter Fraction
At 35.77%, the 2019 household based renter fraction in Lea County was at its highest level. The origin year for the series is 2011.
Fraction of Renting Households: Lea County NM, New Mexico, US
History of Lea County Renter Fraction
| Date | US | New Mexico | Lea County NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 35.77% |
| 2018 | 36.05% | 33.84% | 35.52% |
| 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% | — |
| 2007 | 32.80% | 29.99% | — |
| 2005 | 33.10% | 30.70% | — |
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. ↩
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