Department of Numbers

Lubbock, Texas Home Affordability

The data below measures home affordability for the Lubbock, Texas metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Lubbock home affordability to other cities.

Lubbock, Texas Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Lubbock HPI series. Median household income data for Lubbock is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Lubbock, Texas Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 105.1
June 2011 106.0
March 2011 104.7
December 2010 106.9
September 2010 106.7
June 2010 105.6
March 2010 103.4
December 2009 112.3
September 2009 113.9

Lubbock, Texas Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Lubbock median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Lubbock, Texas Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 96.4
June 2011 97.2
March 2011 96.1
December 2010 98.1
September 2010 97.8
June 2010 96.9
March 2010 94.9
December 2009 106.7
September 2009 108.2

Lubbock, Texas Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Lubbock, Texas and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Lubbock, Texas Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $220,860
October 2011 $218,741
September 2011 $217,692
August 2011 $213,572
July 2011 $206,637
June 2011 $207,607
May 2011 $204,480
April 2011 $199,806
March 2011 $199,806
February 2011 $197,304
January 2011 $201,656
December 2010 $202,825
November 2010 $212,812

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data. ↩

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