Lubbock is a city in Texas with a population of around 220,000 people. With a median home value of $147,500 and an estimated cost of living of $8,350/mo., Lubbock can be a great place to live. If you’re thinking about moving to Lubbock or already live there, but need some help figuring out the cost of living, then this article will provide you with everything you need to know.
Lubbock has a cost of living index of 97.6, which is below the national average of 100. This means that Lubbock is cheaper than the U.S. average cost of living by 2.4%.
The median home value in Lubbock is around $147,500, and the median rent is approximately $1,000/mo. These numbers show it would be hard to buy a house or anything else in Lubbock for under $150k, with rent costing more than your monthly mortgage payment.
The median income for households here is $52,249, with half of the households earning less than this amount and a half making more than it. While some working families rely on personal loans in Lubbock, TX to cover car repairs and other surprise expenses, many earn enough to put money aside for such emergencies. Regardless of their individual financial situations, most families in Lubbock make a decent living.
Let’s dive deeper into the cost of living in Lubbock, Texas:
The Cost of Rent
The median rent for apartments in Lubbock, TX, is $713/mo. And the average rental rate is $1,073/mo.
Here are some examples of apartments prices.
– The Zenith on Overland – A 3bedroom apartment in Lubbock with a monthly rent of $1,189.
– The Silver Creek Apartments – A 2bedroom apartment with a monthly rent of $737.
– Raintree Apartments – These two-bedroom apartments have monthly rents that range from $621 to $848 depending on the unit and include amenities like pools and fitness centers.
The Cost of Transportation
Transportation can be a considerable expense in Lubbock. Gas prices, car insurance, and tolls can add up. If you plan on commuting to work, you may want to consider using public transportation or carpooling so that you can save some money.
The Cost of Utilities
Utilities in Lubbock, TX, are relatively cheap. According to the U.S. Bureau of Labor Statistics, the average cost of electricity is $0.09/kWh, and the average price of natural gas is $0.11/therm. Additionally, Lubbock residents spend an estimated $0.94/mo on water and sewer service, which isn’t bad for what it provides.
The city also has a low unemployment rate (3 percent), which means plenty of job opportunities are available in the area. The median income in Lubbock is $48,000/yr., which isn’t too shabby considering all that you’re getting for your money.
The Cost of Healthcare in Lubbock, TX
The cost of healthcare in Lubbock is around $1,835/mo. This includes the cost of a monthly health insurance premium, copays and coinsurance costs, office visits, and emergency room visits.
Saving Money on Groceries
Lubbock is famous for its barbecue and Tex-Mex food, so staples like meat and produce don’t tend to be more expensive than in other cities. If you’re looking for ways to save money on groceries, then consider shopping at your local farmer’s market. These markets offer a wide variety of fresh fruits and vegetables at discounted prices.
They also often have plenty of locally-sourced meats and dairy and other goods that you can find in smaller grocery stores. Another way to save money on groceries is by making your meal plan. This means planning out what you’ll cook each week and buying the ingredients accordingly. Buying all your groceries at one time can help you stay within budget, but if you need to save money on groceries, avoid overspending on meat and produce at the grocery store by simply making them yourself.
