Lubbock County, TX

Lubbock County is a screening case with an attractive gross-rent signal but a less settled resale and demand story. Zillow’s county observation for 2026-06 and FHFA’s 2025 repeat-transaction index both indicate appreciation, but their vintages and methods differ; neither is a complete valuation measure. Yield-focused investors can investigate, while buyers sensitive to taxes, inland flood, or uncertain tenant depth should be cautious. It is a property-level screen, not a metro proxy.

Zillow’s median home value is $216,362, up 1.94%; FHFA’s annual index change is 1.29%, with a 34.47% cumulative five-year change. FHFA is a repeat-transaction appreciation index, not a home value; its separate vintage and method should not be averaged with Zillow. Median asking rent is $1,405 per month, producing a 7.79% gross yield before costs. A calculation from those figures puts it 19.60% above HUD’s two-bedroom FMR of $1,175, but FMR is a payment standard, not asking-rent evidence. The 1.51% effective property-tax rate is a material carry check; other operating costs are not published, so net yield cannot be underwritten.

Realtor.com’s 2026-06 MLS evidence shows median listing price down 3.31% and active listings down 7.99%. These are asking-price and visible-supply signals, not closed-sale prices or proof of demand. QCEW covered-worker wages rose 3.92%; the measure is workplace employment, not resident employment or unemployment, and Trade, transportation, and utilities is only the largest disclosed private supersector. Net migration is positive at 374, but the mover AGI gap is negative $648, so inflow does not establish purchasing power. Investors represent 18.18% of 4,571 purchase mortgages, meaningful competition but not a majority. Verify submarket rents, tenant incomes, and buyer depth.

Modeled climate loss is 0.19% of building value per year, with inland flood the dominant hazard; it is not a parcel-level flood determination or insurance quote. Check the target parcel’s flood zone, elevation, drainage, coverage, deductible, and premium, then obtain closed-sale and rent comps and a full operating budget. Missing resident labor and unemployment data prevent a labor-market conclusion; missing property-level expenses prevent converting gross yield to net cash yield. Also test whether asking rent fits the asset’s unit mix and condition.