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 | Lubbock County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,347 | $248,418 | $242,182 |
| Price Trend (Annual %) | 9.9% | 9.9% | 8.2% |
| Median Gross Rent | $1,133 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lubbock County is about 8% higher than in Texas. Rent is about 15% 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 Lubbock County, up about 9.9% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Lubbock County rose about 39.7% between 2015 and 2023, from $811 to $1,133. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Lubbock County.
Buying the median-priced home in Lubbock County costs roughly 19.7 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 County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Lubbock County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,347 | $248,418 | $242,182 |
| Median Household Income | $63,833 | $76,510 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lubbock County rose about 94.7%, while median household income rose about 57.9% 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 | Lubbock County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.3% | 56.5% | 58.2% |
| Rental Rate | 40.6% | 33.8% | 31.3% |
| Vacancy Rate | 9.1% | 9.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Lubbock County has a homeownership rate of 50.3%, lower than the Texas average of 56.5%. Its housing vacancy rate is 9.1%, compared with 9.6% in Texas.
Housing Stock
| Metric | Lubbock County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1985 | 1989 | 1978 |
| Median Number of Rooms | 5.3 | 5.4 | 5.5 |
The typical housing unit in Lubbock County was built around 1985. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lubbock County, Texas.
What is the median home price in Lubbock County, Texas?
The median home price in Lubbock County, Texas is $267,347, higher than the Texas average of $248,418.
What is the average home price in Lubbock 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 Lubbock County, Texas?
The median gross rent in Lubbock County, Texas is $1,133 per month, lower than the Texas average of $1,338.
What was the median gross rent in Lubbock County in 2020?
In 2020, the median gross rent in Lubbock County, Texas was $946 per month.
What is the price-to-rent ratio in Lubbock County, Texas?
The price-to-rent ratio in Lubbock County, Texas is about 19.7, meaning it would take roughly 19.7 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 County.
Are home prices or rent rising faster in Lubbock County, Texas?
Both home prices and rent are rising in Lubbock County, up about 9.9% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lubbock County, Texas?
50.3% of households in Lubbock County, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Lubbock County, Texas?
The housing vacancy rate in Lubbock County, Texas is 9.1%, lower than the Texas average of 9.6%.