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Cost of Living in Lubbock

Is it better to rent or buy in Lubbock? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$71,613
$1,178/mo

Median in area: $1,178

$206,842

Median in area: $206,842

$41,368

If you Rent

🔑
$1,369 /mo
Base Rent$1,178
Est. Utilities$191
% of Income22.9%
Pre-tax Residual$4,599

If you Buy

🏠
$1,700 /mo
P&I (6.5%)$1,046
Taxes & Ins$463
Est. Utilities$191
% of Income28.5%
Pre-tax Residual$4,268

Cost of Living FAQs

Is it cheaper to rent or buy in Lubbock?›

Based on median housing data, renting is currently more affordable on a monthly basis in Lubbock. The estimated all-in monthly cost for renting is $1,369, while owning a median-priced home with a 20% down payment is roughly $1,700 per month (a difference of $331).

How much do utilities cost in Lubbock?›

The average monthly utility cost (electricity and natural gas) for a typical home in Lubbock is approximately $191. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Lubbock?›

To comfortably afford the median rent and utilities in Lubbock without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $54,760 per year.