U.S. ZIP Code · NM88240
Lea County
Appreciation
- 1-year
- +2.7%
- 5-year / yr
- -3.3%
- 10-year / yr
- -0.1%
Relative price
- vs U.S.
- -29.3%
- vs metro
- —
- vs state
- -28.2%
Price history
Zillow Home Value Index — monthly, smoothed and seasonally adjusted.
The typical home in 88240 is worth $200,776. Over the past year, values have risen 2.7%. Homes here rent for a typical $1,277 a month — a 7.6% gross rental yield. The effective property tax rate is 0.6%.
#Rent & investment
Typical asking rent, and the returns it implies at the current home value.
#Property tax
Effective rate — total real estate taxes paid relative to total home value.
#Climate risk
FEMA National Risk Index ratings for Lea County. "Not Applicable" means the hazard does not threaten the county.
- Overall risk
- Relatively Moderate[4]
- Riverine flood
- Relatively Moderate
- Coastal flood
- Not Applicable
- Wildfire
- Relatively High
- Drought
- Relatively Moderate
- Heat wave
- Relatively Low
- Hurricane
- Very Low
- Tornado
- Relatively Low
- Earthquake
- Very Low
- Winter weather
- Relatively High
#Who lives here
#Migration
Household moves in and out of Lea County over a year, from IRS tax-return data.
- Net migration
- -141[5]
- Moved in
- 1,200
- Moved out
- 1,341
Schools
Open public schools in this ZIP, from the NCES Common Core of Data.
- Public schools
- 18
- Elementary
- 13
- Middle
- 3
- High
- 1
HOBBS HIGH
High · Grades 9–12 · HOBBS
2,291 students
HOBBS FRESHMAN HIGH
Secondary · Grades 9–10 · HOBBS
828 students
HOUSTON MIDDLE SCHOOL
Middle · Grades 6–9 · HOBBS
824 students
HIGHLAND MIDDLE SCHOOL
Middle · Grades 6–8 · HOBBS
812 students
HEIZER MIDDLE SCHOOL
Middle · Grades 6–8 · HOBBS
580 students
Run the numbers
Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.
Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.
Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.
Owning and renting are roughly even.
This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.
#Metro ranking
Where this ZIP sits among others in its metro area.
Rankings
Top-10 lists this ZIP code appears on.
Frequently asked
- How much is a home worth in ZIP code 88240?
- The typical home in 88240 is worth $200,776, based on the Zillow Home Value Index.
- Are home values rising in 88240?
- Home values in 88240 are up 2.7% over the past year, and down 3.3% a year over five years.
- What is the typical rent in 88240?
- A typical home in 88240 rents for about $1,277 a month, a gross rental yield of 7.6%.
- What is the property tax rate in 88240?
- The effective property tax rate in 88240 is 0.6% — roughly $1,177 a year on a typical home.
- Who lives in 88240?
- ZIP code 88240 has a population of 41,557 and a median household income of $63,270.
Compare ZIPs
Pit ZIP 88240 against any other ZIP — full side-by-side table.
#Jump to section