Total monthly cost of ownership
Cost to Own a Home in Lockney, Texas
A $88,000 home here costs
$884per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $452. The real number is $432 higher every month — 96% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lockney against Floyd County and Texas
| Measure | Lockney | Floyd County |
|---|---|---|
| Median home value | $88,400 | $101,000 |
| Median property tax | $1,021 | $1,090 |
| Effective tax rate | 1.155% | 1.079% |
| Median gross rent | $738 | $587 |
| Population | 1,602 | 5,294 |
The weather behind that power bill
Lockney sits in Floyd County, which averages a high of 92.4°F in its hottest month and a low of 25.3°F in its coldest, with 20.19" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 1,706 cooling and 3,698 heating degree days, which is what sets the $148 electricity line above.
See the full climate breakdown for Floyd County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Floyd County
Common questions
How much does it cost to own a home in Lockney?
A $88,000 home in Lockney, Texas costs approximately $884 per month with 20% down at 6.66%. That is $452 principal and interest, $85 property tax, $58 homeowners insurance, $216 utilities and $73 set aside for maintenance.
What is the property tax rate in Lockney?
Lockney has an effective property tax rate of 1.155%, based on a median home value of $88,400 and median real estate taxes of $1,021. That is higher than the Floyd County average of 1.079%.
What is the average home price in Lockney?
The median owner-occupied home value in Lockney, Texas is $88,400, against $101,000 across Floyd County.
Is it cheaper to rent or buy in Lockney?
Median gross rent in Lockney is $738 a month, against $884 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lockney — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Texas.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.