Lubbock, Texas Housing Market Prices
Lubbock Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 4% below the Texas median$248,142
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Median rent 16% below the Texas median$1,176
Housing Market Overview
| Metric | Lubbock | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $248,142 | $258,873 | $248,835 |
| Price Trend (Annual %) | 8.3% | 9.2% | 7.5% |
| Median Gross Rent | $1,176 | $1,402 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lubbock is about 4% lower than in Texas. Rent is about 16% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lubbock, up about 8.3% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Lubbock rose about 44.1% between 2015 and 2024, from $816 to $1,176. Over the same span, rent in Texas rose about 59.1%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Lubbock.
Buying the median-priced home in Lubbock costs roughly 17.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lubbock. The price-to-rent ratio in Texas is about 15.4.
| Metric | Lubbock | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $248,142 | $258,873 | $248,835 |
| Median Household Income | $60,830 | $78,939 | $80,455 |
| Price-to-Income Ratio | 4.1 | 3.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lubbock rose about 90.5%, while median household income rose about 53.8% between 2009 and 2025 — 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 | Lubbock | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.5% | 56.7% | 58.5% |
| Rental Rate | 44.0% | 33.9% | 31.2% |
| Vacancy Rate | 9.5% | 9.4% | 10.2% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Lubbock has a homeownership rate of 46.5%, lower than the Texas average of 56.7%. Its housing vacancy rate is 9.5%, compared with 9.4% in Texas.
Housing Stock
| Metric | Lubbock | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.69 people | 2.53 people |
| Median Structure Built Year | 1986 | 1990 | 1978 |
| Median Number of Rooms | 5.2 | 5.4 | 5.5 |
The typical housing unit in Lubbock was built around 1986. On average, 2.4 people live in a home with about 5.2 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lubbock, Texas.
What is the median home price in Lubbock, Texas?
The median home price in Lubbock, Texas is $248,142, lower than the Texas average of $258,873.
What is the average home price in Lubbock, Texas?
The typical home price in Lubbock, Texas, reported as the median sale price, is $248,142. 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 Lubbock, Texas?
The median gross rent in Lubbock, Texas is $1,176 per month, lower than the Texas average of $1,402.
What was the median gross rent in Lubbock in 2020?
In 2020, the median gross rent in Lubbock, Texas was $952 per month.
What is the price-to-rent ratio in Lubbock, Texas?
The price-to-rent ratio in Lubbock, Texas is about 17.6, meaning it would take roughly 17.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lubbock.
Are home prices or rent rising faster in Lubbock, Texas?
Both home prices and rent are rising in Lubbock, up about 8.3% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lubbock, Texas?
46.5% of households in Lubbock, Texas own their home, lower than the Texas average of 56.7%.
What is the vacancy rate in Lubbock, Texas?
The housing vacancy rate in Lubbock, Texas is 9.5%, higher than the Texas average of 9.4%.
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