Not sure about rent, but to give you an example of home prices, Feb a year ago I sold my home. 1640 sq ft, 3/2/2, with location, condition, and lot size about as average as you could get for the 1500-1800 sq ft family home market. $150,000 even. Rent for something like it would run in the $1350-1700 range, depending on area. What would be considered an entry level home will run you $110k-125k.
For cheaper home purchases, better to hit one of the small towns within a 30-min radius. Nice places for much less, but still conveniently close to the Lubbock metro area.
From what I'm seeing, 2/2 apartments with hookups are running 750-ish on the low end of decent (both condition and area) to over $2000 for an "executive" unit. 1BR generic units in non-dodgy parts of town will run $600-$800, depending on amenities.
Brad