Deciding whether to rent or buy as you head into (or enjoy) retirement is an important choice, especially when thinking about your comfort, security, monthly costs, and long-term financial future. If you’re considering calling Lubbock home for this next chapter of life, here’s a friendly look at what renting and owning might look like for you.

What Are Seniors Paying for Rent in Lubbock?

• Smaller apartments (studios and one-bedroom units) can run around $850–$1,000 per month on average.
• Two-bedroom apartments typically fall in the $900–$1,100 range.
• Renting a single-family home is typically higher than a standard apartment — closer to $1,300–$1,400+ per month.

Keep in mind that these figures usually don’t include utilities, renter’s insurance, or mobility-friendly modifications you might need to make a space truly comfortable for retirement life. Also, these figures are an average of options across the city. Prices for rentals in the newer and safer parts of town are higher.

What Would Owning a Small Home Cost Monthly?

• Home Price: Betenbough Homes offers a smaller, brand new, energy-efficient one-bedroom, one-bathroom 700 sq ft home for $149,000 in Lubbock.
• Mortgage Payment: A typical 30-year fixed mortgage at today’s rates might be around $1,092 which includes principal, interest, insurance, and taxes!
• Homestead Exemption: Many seniors can qualify for homestead exemptions that reduce the taxable value of their home.
• Buyer Incentives: Betenbough Homes is offering home buyer incentives that can help reduce closing costs, buy down interest rates, purchase appliances, and more.

Long-Term Stability Comparison

• Landlords can raise rent due to market trends, property costs, inflation, or maintenance needs.
• For seniors on a fixed income, unpredictable increases can make budgeting harder over the years.

Building Equity

• With homeownership, monthly payments go toward your own home, not someone else’s equity.
• Over time, as the mortgage principal is paid down and market values grow, you build financial value you can tap into later.

Maintenance

• Renting: Maintenance is handled by the property owner and is done on their timeline and to their specifications.
• Owning: Every home from Betenbough Homes comes with a two-year comprehensive new home warranty that covers materials, installations, parts, and labor for everything in the home. In addition, our homes are designed to minimize upkeep and are built with modern, energy-efficient materials.

When Renting Makes Sense

• Need maximum flexibility — maybe you’re thinking of relocating or downsizing again very soon.
• Are unable to afford any home maintenance at any point in the future.
• Require assisted living or similar services where care is part of the package (Note: these options cost significantly more, often $3,500–$4,500+ per month depending on services).
• Don't mind sharing walls, ceilings, and/or floors with neighbors.

• Desire predictable monthly payments and no surprises from landlords.
• Prefer to build equity, with every payment building value in your own home.
• Enjoy the peace and privacy of a home that doesn't share walls with neighbors.
• Appreciate the savings that new appliances, fixtures, and building techniques can offer (for example, modern insulation reducing electricity bills).
• Want to make the space truly yours (a garden, a workshop, a quiet porch for afternoons, etc.)
• Value community & roots. Many retirees enjoy settling into a neighborhood and forming longer-term friendships and routines in an appealing part of town.

• Renting can be simpler and more flexible up front, especially if minimal responsibility in the long term is a priority.
• Owning can offer financial stability, personal control, and long-term value and can come with a monthly cost that compares closely to rent.