CALCMONEY // MORTGAGE // TX // LUBBOCK
Calculate your monthly mortgage payment using Lubbock-specific property tax rates and local market data.
$215,000
6.9%
1.65%
82
| Principal & Interest | $1,133 |
| Property Tax | $296 |
| Homeowners Insurance (est.) | $72 |
| Total Monthly Payment (PITI) | $1,500 |
$43,000
$235,805
$64,289/yr
The median home price in Lubbock is $215,000, below the national median of $420,000. With a median household income of $52,000, the price-to-income ratio is 4.1x — meaning buyers typically spend 4.1 years of gross income on the purchase price.
Property taxes in Lubbock run 1.65% of assessed value. On the median home, that is $3,548 per year, or $296 per month added to your mortgage payment. This is significantly above the national average of 1.1%, making property taxes a major factor in your total housing cost.
Texas has no state income tax, which means more of your gross salary becomes take-home pay. This effectively increases your purchasing power compared to income-tax states.
The cost of living index in Lubbock is 82 (national average = 100). Beyond housing, your everyday expenses will also run below the national average.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $172,000 loan saves $7,740 in interest over 30 years.
Compare Top Lubbock Mortgage Lenders