Rent to own Homes in Lubbock, TX
Lubbock, Texas, is a very family-oriented city with cultural attractions, historical places of interest and excellent schools. Lubbock is home to Lubbock Christian University and Texas Tech University, and most people here are well educated. Certain areas are filled with students and a college lifestyle, including inexpensive restaurants, late-night bars and sporting events. In other schooling news, Newsweek magazine named Lubbock High School one of the best schools in America three years in a row. Lubbock is also the birthplace of many musicians, especially those pursuing rock 'n roll or country careers. This includes Buddy Holly, Lubbock's most famous son. Despite all these fantastic amenities, housing prices are still well below the national average, but they won't stay there long. The low cost of living and the beautiful landscape attract more people every year.
Lubbock, TX is a great place for affordable rent-to-own homes! With a median household income of over $51,623 and a median rent of $958, the Lubbock, TX rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Lubbock, TX. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Lubbock, TX Property Resources
Rent to own Homes in Cities Near Lubbock, TX
Neighborhoods in Lubbock, TX
Coronado Area rent to own homes Chapel Hill rent to own homes Caprock rent to own homes Carlisle rent to own homes Harwell rent to own homes Bayless Atkins rent to own homes Bluesky rent to own homes Wester rent to own homes Bowie rent to own homes Chatman Hill rent to own homesBuying a Home in Lubbock, TX
Lubbock, TX is seeing rapid growth and Lubbock, TX's' housing market remains optimal with an average home price that is -32% below the 2024 national average. Lubbock, TX is part of Lubbock county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Lubbock is 1.75% which is above the national average, which is 0.99%.
Median Home Price in Lubbock, TX
Median Rent in Lubbock, TX
Average Cost of Living in Lubbock, TX
The overall cost of living in Lubbock is below the national average. Things like groceries, housing, utilities, and transportation are below the national average, and healthcare costs are slightly higher.
Average Home Prices in Lubbock, TX
The median price of a home in Lubbock, TX is $219,900. Home prices have increased by almost 14% over the past year, which represents a 30% increase since 2016. The average time a home is on the market before being sold is about 27 days, and 99.3% are sold at listing price.
Lubbock Statistics
If you're interested in Lubbock rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Lubbock statistics compared to the U.S. national average.
| Lubbock Averages | National Averages | |
|---|---|---|
| One-Way Commute | 16.4 minutes | YYY111 |
| Violent Crime | 10.12 | 22.7 |
| Property Crime | 47.09 | 35.4 |
| Unemployment Rate | 4.2% | 4.7% |
| Income Tax Rate | 4.2% | 4.6% |
| Air Quality | AQI 9 | AQI 40 |
| Water Quality | High Chromium 6 | Safe |
| Median Household Income | $52,429 | $79,900 |
| Median Property Taxes | $1,403 | $2,471 |
| Utilities | $168.00 | $171.67 |
| Monthly Rent | $660.00 | $1,098 |
| Median Home Cost | $219,900 | $295,300 |
| Median Home Age | 35.4 years | 37 years |
Housing Statistics
With over 236,065 people living in Lubbock, it seems that it could get crowded. Instead, Lubbock enjoys a pretty cushy vacancy rate, allowing individuals plenty of selection when choosing a new home. Owners make up 44 percent and renters 45 percent, leaving an 11-percent vacancy rate. The median house value in 2011 was $113,500 while the median list price in the beginning of 2013 was $149,900; the median sale price was slightly lower, at $119,202, for the same time period. This means buyers should negotiate with sellers before accepting, as there may be some sale-price wiggle room. If buying a home is still out of reach, some people may consider rent to own homes. It allows many people the chance to take calculated steps towards owning in the future.
Outdoors Activities
Lubbock enjoys an astounding variety of diversions for active individuals who like to get outside and play. Mackenzie Park is the most popular place to take kids of all ages. It's home to the Joyland Amusement Park and is next door to the American Wind Powers Center, which houses over 100 historic windmills. There's also the Brazos River and several lakes, including Lake Alan Henry and Buffalo Springs Lake, where water sports and swimming are popular in the summer. Finally, the Buddy Holly Recreation Center has a walking trail, fishing spots, and picnic tables.
Local Events and Festivals
Strong community ties are a hallmark of Lubbock, and that's easily seen in all the events it hosts annually. The Lubbock Music Festival is one of the most famous local festivals. Originally intended to honor Buddy Holly, the festival is all about music, food and goodies for the residents as well as visitors from all over the state. The Memorial Civic Center hosts dozens of events throughout the year. Finally, the National Cowboy Symposium & Celebration celebrates all things country, western and cowboy.
Neighborhoods
There are 45 total neighborhoods in Lubbock, Texas, and each one offers something unique. Though some areas are geared more towards student life, others are predominantly family friendly. Here are a few of the most popular communities:
Lubbock, TX Frequently Asked Questions
Lubbock is a partially dry county, but within the city there are restaurants, bars, and clubs that sell alcohol.
Lubbock has been named one of the best places to live. Lubbock is a good place to live with low unemployment rates, no income tax, and one of the highest concentrations of top-ranked public schools.
Lubbock has been ranked one of the least safe cities in the country. Violent crimes have increased 9% since 2019, with murders almost tripling in 2020.