Lubbock, TX
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.03×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Texas
- 2.95×
- vs U.S.
- 3.43×-0.40
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
22.6%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Texas
- 23.2%-0.5
- vs U.S.
- 23.3%-0.6
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.86%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Texas
- 5.06%
- vs U.S.
- 4.35%+0.51
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.03%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Texas
- -0.00%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
8.52
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Texas
- 5.01+3.51
- vs U.S.
- 3.52+5.00
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.1%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Texas
- 3.7%-0.6
- vs U.S.
- 3.9%-0.8
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+35.7%
homeValues.yearOverYear
+2.7%
Median home value
$188,700
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $990 | $11,880 | 19.1% |
| 2 BR | $1,175 | $14,100 | 22.6% |
| 3 BR | $1,634 | $19,608 | 31.5% |
Labor market direction
Unemployment
3.1%
Median household income
$62,288
What's being built
Total TTM
2,745
+33.1% YoY
Single-family
2,080
2–4 unit
18
5+ unit
647
All 5 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Lubbock County | 311,509 | $199,600 | $63,367 | 2,738 | +33.1% |
| Garza County | 5,735 | $79,300 | $50,545 | 7 | +40.0% |
| Lynn County | 5,619 | $130,800 | $57,411 | 0 | — |
| Crosby County | 5,157 | $75,500 | $52,197 | 0 | — |
| Cochran County | 2,529 | $57,700 | $42,137 | 0 | — |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Lubbock | 322,285 | $62,288 | 3.03× | 4.86% | +35.7% | 8.52 | 3.1% |
| Spartanburg, SC | 330,119 | $62,440 | — | — | +65.4% | — | 4.9% |
| South Bend-Mishawaka, IN-MI | 323,992 | $65,385 | — | — | +58.4% | — | 3.2% |
| Clarksville, TN-KY | 322,949 | $66,210 | — | — | +61.4% | — | 3.7% |
| Columbus, GA-AL | 326,159 | $57,762 | — | — | +48.8% | — | 3.6% |
| Gainesville, FL | 341,067 | $58,946 | — | — | +56.1% | — | 5.3% |
Where people are moving in from
Net migration
-83
-0.03% of population
| Origin county | Tax returns |
|---|---|
| Hockley County, TX | 290 |
| Hale County, TX | 254 |
| Lubbock County, TX | 252 |
| Tarrant County, TX | 229 |
| Dallas County, TX | 219 |
| Midland County, TX | 194 |
Who lives in Lubbock
- Median age
- 32
- Bachelor's+
- 31.3%
- Owner-occupancy
- 57.1%
- Vacancy rate
- 10.2%
- Rent burdened (30%+)
- 48.2%
- Median household income
- $62,288
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.