Living In The Permian Basin

Understanding the Housing Market in the Permian Basin

The Permian Basin’s housing market is heavily influenced by the oil and gas industry, which drives economic booms and busts. During peak times, demand for housing in cities like Odessa and Midland spikes, pushing up home prices and rents. In 2019, the average rent for a one-bedroom apartment in Odessa was $1,267—higher than in larger Texas cities like Austin or Dallas. While recent trends suggest a cooling market, with mortgage rates expected to drop below 6% by the end of 2025, buyers should be prepared for competition. Housing can be scarce, so work with a local real estate agent early to secure a property.

Cost of Living and Economic Considerations

The Permian Basin’s economy is tied to oil production, creating a boom-and-bust cycle that impacts living costs. During booms, rents, groceries, and gas prices rise—sometimes higher than in other parts of Texas. A household of four might need around $50,000 annually to get by, nearly double the average income in the area. If you work in the oil industry, plan for potential downturns. Stable sectors like education or healthcare, growing in Odessa, can provide more financial security.

Community and Lifestyle in Odessa, TX

The Permian Basin is known for its friendly, hard-working community. Odessa, a diverse city with a history dating back to the 1880s, is famous for its high school football culture (think Friday Night Lights) and the University of Texas Permian Basin’s college football team. The region’s natural beauty, with vibrant sunrises and sunsets, offers a scenic backdrop for your new home. Whether you enjoy sports, community events, or wide-open spaces, Odessa has something for everyone.

Education and Schools

The oil boom has strained local schools, with overcrowding in places like Permian High (3,600 students in a facility built for 2,500). This can lead to challenges like insufficient desks and lower test scores. However, the University of Texas Permian Basin provides excellent higher education opportunities, making it a draw for families. Research school districts carefully or consider private options if public schools are a concern.

Infrastructure and Living Challenges

Housing shortages are common during booms, with “man camps” and RV encampments popping up to accommodate oil workers. Roads, especially two-lane highways, are heavily trafficked by oil tankers, leading to potholes and safety concerns. Proximity to I-20 can ease commuting between Odessa and Midland. Be prepared for higher everyday expenses, like groceries, during economic peaks.

Recreation and Natural Beauty

Big Bend National Park, in the heart of the Permian Basin, offers over 800,000 acres of stunning landscapes—canyons, deserts, and the Rio Grande—for hiking, camping, and more. In Odessa, enjoy local sports and community events, while nearby Midland offers a vibrant downtown with restaurants and shops. Choose a home near outdoor spaces for nature lovers or closer to Midland for urban amenities.

Tips for Homebuyers in the Permian Basin

- Work with a local real estate agent to navigate the competitive market.

- Budget for economic fluctuations, especially if tied to the oil industry.

- Act quickly—housing moves fast during booms.

- Consider the long-term growth potential: the Permian Basin is expected to contribute $260 billion to the U.S. economy by 2050, making it a promising investment.