Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lamb County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $102,500 | $248,418 | $242,182 |
| Price Trend (Annual %) | 4.9% | 9.9% | 8.2% |
| Median Gross Rent | $899 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lamb County is about 59% lower than in Texas. Rent is about 33% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lamb County, up about 4.9% and 5.6% a year respectively. Rent is changing faster.
Median rent in Lamb County rose about 44.7% between 2015 and 2023, from $621 to $899. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Lamb County.
Buying the median-priced home in Lamb County costs roughly 9.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lamb County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Lamb County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $102,500 | $248,418 | $242,182 |
| Median Household Income | $56,888 | $76,510 | $78,145 |
| Price-to-Income Ratio | 1.8 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lamb County rose about 270.6%, while median household income rose about 60.1% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lamb County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.8% | 56.5% | 58.2% |
| Rental Rate | 22.0% | 33.8% | 31.3% |
| Vacancy Rate | 21.2% | 9.6% | 10.6% |
| Median Tenure (years) | 19.0 | 14.0 | 15.0 |
| Median Year Moved In | 2007 | 2012 | 2011 |
Lamb County has a homeownership rate of 56.8%, about the same as the Texas average of 56.5%. Its housing vacancy rate is 21.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | Lamb County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1966 | 1989 | 1978 |
| Median Number of Rooms | 5.3 | 5.4 | 5.5 |
The typical housing unit in Lamb County was built around 1966. On average, 2.7 people live in a home with about 5.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lamb County, Texas.
What is the median home price in Lamb County, Texas?
The median home price in Lamb County, Texas is $102,500, lower than the Texas average of $248,418.
What is the average home price in Lamb County, Texas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Lamb County, Texas?
The median gross rent in Lamb County, Texas is $899 per month, lower than the Texas average of $1,338.
What was the median gross rent in Lamb County in 2020?
In 2020, the median gross rent in Lamb County, Texas was $714 per month.
What is the price-to-rent ratio in Lamb County, Texas?
The price-to-rent ratio in Lamb County, Texas is about 9.5, meaning it would take roughly 9.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lamb County.
Are home prices or rent rising faster in Lamb County, Texas?
Both home prices and rent are rising in Lamb County, up about 4.9% and 5.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Lamb County, Texas?
56.8% of households in Lamb County, Texas own their home, about the same as the Texas average.
What is the vacancy rate in Lamb County, Texas?
The housing vacancy rate in Lamb County, Texas is 21.2%, higher than the Texas average of 9.6%.