Home Affordability in Lubbock, TX
The median home price in Lubbock is $210,000 with a median household income of $49,459. Housing is moderately affordable relative to local incomes.
Median Home Price
$210,000
Median Income
$49,459
Price-to-Income Ratio
4.2x
Est. Affordable Home
$192,000
Property Tax Rate
1.90%
Annual Property Tax
$3,990
Sales Tax Rate
8.25%
Cost of Living Index
84
Buying a Home in Lubbock
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $49,459 in Lubbock can afford a monthly housing payment of approximately $1,154. This translates to a home price of roughly $192,000, which is below the median home price of $210,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Lubbock would be approximately $3,990 per year ($333/month) at the effective rate of 1.90%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $6,300 | $203,700 | Yes |
| 5% | $10,500 | $199,500 | Yes |
| 10% | $21,000 | $189,000 | Yes |
| 20% | $42,000 | $168,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now