If you’re renting in Lubbock, you’ve probably wondered, “Should I keep renting or start looking to buy?” The answer isn’t the same for everyone, but there are a few key things to consider that can help you make a confident, informed decision.

Look at Your Monthly Costs

Rents have climbed steadily over the past few years, and in many cases, monthly rent is now equal to — or even higher than — a mortgage payment. The big difference? When you rent, that money is gone each month. When you buy, those payments help you build equity in something that’s yours.

Think of it like this:

• Rent = recurring expense with no return

• Mortgage = monthly investment in a growing asset

With the right loan program, your monthly mortgage payment could be similar to what you’re paying now — maybe even less.

Think About Stability vs. Flexibility

Renting gives you flexibility. It’s easier to move, adjust your plans, or change neighborhoods if you’re not ready to commit.

Buying, on the other hand, gives you stability:

• Predictable payments

• A space that’s truly yours

• The freedom to renovate or customize without asking for permission

Ask yourself:

• Am I planning to stay in Lubbock for the next 3–5 years?

• Am I ready to take on the responsibility of maintaining a home?

• Do I want the freedom to make a space my own?

If you’re nodding “yes” to those, it might be time to start exploring your options.

Check Your Financial Readiness

You don’t need perfect credit or a huge down payment to buy. Many programs are designed specifically for first-time buyers. What really matters is:

• A steady income

• Manageable debt

• Some savings for closing costs and emergencies

I can connect you with trusted local lenders who will explain your options — FHA, VA, USDA, and conventional loans — and help you see what’s possible.

Look at the Long-Term Benefits

Buying a home offers more than just a place to live:

• Equity growth over time

• Tax advantages in certain situations

• Potential appreciation in value

• The stability of locking in your housing costs with a fixed-rate mortgage

Meanwhile, rent tends to rise year after year, with nothing to show for it.

Not Ready Yet? That’s Okay

There’s no rush. But the sooner you start planning, the better prepared you’ll be when you’re ready to buy. I can help you create a simple, step-by-step plan so that when the timing is right — whether that’s six months or two years from now — you’re ready to make your move.

I’m Gary Owen, REALTOR® in Lubbock, TX. Curious how your rent compares to the cost of owning a home? Follow me on social or join my email list for tools, tips, and guidance to help you take the next step with confidence.