Housing
Vacancy - 11.9%
The Lubbock, TX Market ranks 61st in Vacancy across STI Markets with a Vacancy rate of 11.9%. That is 34,783 Vacant Housing units compared to 258,638 Occupied units.
Average Home Value - $253,675
The Average Home Value for owner occupied housing units in the Lubbock, TX Market is $253,675. This ranks 142nd across STI Markets. Over the last 2 years there has been a change of 7.8% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 132nd across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Low
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Lubbock, TX Market is 2.5. The market subsequently ranks 140th across STI Markets. This is considered to be a Low level of mortgage risk.
Affordability Level - Affordable
Overall Affordability can be classified in a similar fashion, comparing the Markets Average Home Value with the Average Household Income. This Affordability ratio currently sits at 2.9. The Lubbock, TX Market therefore earns the Affordable classification for housing affordability and ranks 156th across STI Markets. The following chart shows how markets compare between these two measure. Note the breaks between affordability classifications are 3, 5, and 7.
Figure 60: Affordability Comparision
