Total monthly cost of ownership
Cost to Own a Home in Lovington, New Mexico
A $163,000 home here costs
$1,333per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $838. The real number is $495 higher every month — 59% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lovington against Lea County and New Mexico
| Measure | Lovington | Lea County |
|---|---|---|
| Median home value | $162,900 | $176,000 |
| Median property tax | $1,113 | $824 |
| Effective tax rate | 0.683% | 0.468% |
| Median gross rent | $1,063 | $1,119 |
| Population | 11,444 | 73,154 |
The weather behind that power bill
Lovington sits in Lea County, which averages a high of 94.4°F in its hottest month and a low of 29.8°F in its coldest, with 14.75" of precipitation a year and 47% of it in a single three-month stretch. That climate drives 1,982 cooling and 2,696 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Lea County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lea County
Common questions
How much does it cost to own a home in Lovington?
A $163,000 home in Lovington, New Mexico costs approximately $1,333 per month with 20% down at 6.66%. That is $838 principal and interest, $93 property tax, $71 homeowners insurance, $195 utilities and $136 set aside for maintenance.
What is the property tax rate in Lovington?
Lovington has an effective property tax rate of 0.683%, based on a median home value of $162,900 and median real estate taxes of $1,113. That is higher than the Lea County average of 0.468%.
What is the average home price in Lovington?
The median owner-occupied home value in Lovington, New Mexico is $162,900, against $176,000 across Lea County.
Is it cheaper to rent or buy in Lovington?
Median gross rent in Lovington is $1,063 a month, against $1,333 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lovington — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for New Mexico.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.