Quick facts: Lubbock, TX

Quick Facts

99.5
Cost of Living
below US average
263,930
Population
52.03
Crime Rate per 1000
above US average
$58,734
Median Income
below US average
$225,000
Median House Price
above US average
$1563
Average Rent
above US average
16%
Poverty Rate
above US average
4.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $58,734.

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Income Needed to Buy

βœ— Stretch
$71k/year
Based on $225,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $71k vs median $58,734
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Income Needed to Rent

⚠ Stretch
$67k/year
Based on $1563/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $67k vs median $58,734
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lubbock, TX

Lubbock, Texas, is a vibrant city located in the northwestern part of the state, known as the "Hub City" due to its status as a center for education, healthcare, and agriculture in the region. With a population of approximately 260,000, Lubbock is home to Texas Tech University, which significantly influences the area's culture and economy. The university is renowned for its diverse programs and research initiatives. Lubbock boasts a rich musical heritage, being the birthplace of legendary musician Buddy Holly, and it features the Buddy Holly Center, which celebrates his legacy. The city also hosts several annual events, including the Lubbock Arts Festival and the Cotton King Festival, showcasing its commitment to arts and community activities. Outdoor enthusiasts can enjoy parks such as Mackenzie Park and the scenic Lubbock Lake Landmark, which offers a glimpse into the area's prehistoric past. The local food scene is highlighted by Texas-style barbecue and chili, providing visitors with authentic regional flavors. With a warm climate, friendly atmosphere, and a growing economy, Lubbock is an inviting destination for both residents and visitors alike.

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