Midland and Odessa have field-service proprietors, haulers, landmen, geologists and trades businesses. Bank statement programs can document that income from 12 or 24 months of deposits, where the program allows.
The Permian Basin
Midland is known for corporate offices of oil and gas firms, and Odessa for field operations, yards and service companies. Independent geologists, petroleum engineers, landmen and royalty consultants work out of Midland, while water haulers, roustabout crews, welders, truck drivers and equipment rental firms operate in Odessa and the surrounding fields. Many started as employees and then went out on their own.
Housing and areas
Housing demand can swing with oil prices, and rents and home values have moved sharply in past booms. Midland has older neighborhoods near downtown and newer subdivisions on the west and south sides. Odessa has a mix of established streets and newer developments. Some purchasers choose houses with sizable lots for equipment or trailers.
Boom, bust and the statement window
A reviewer knows that income in the oil patch can change fast, so a 24 month window is helpful, and a plain explanation of the cycle is better than silence. Be ready to show how your business handled a slow period, with contracts, repeat customers or savings. A mortgage lender will review the trend, not only the average.
Equipment, payroll and pass-throughs
A hauling company or a service crew has fuel, payroll and equipment payments flowing through the same account. The program's expense factor accounts for operating expenses, and the reviewer sets aside pass-through payments that can be traced. Equipment financing deposits are not income, and a clear history of those loans helps the examine.
The self-employed workforce
Roughly 11.9 percent of employed residents of the city of Midland are self-employed, a group of around 8,008 out of 67,086 workers. That is a bit larger than the Texas figure of 10.7 percent. Roughly 6.5 percent of all workers run unincorporated businesses, like sole proprietorships, and 5.4 percent run incorporated ones. That distinction influences the documentation. Operators of corporations and LLCs taxed as corporations are paid through the entity, while sole proprietors often deposit everything into one account.
Self-employed residents cluster in professional and business services (1,389 people), transportation and warehousing (1,154 people), and retail (1,069 people), measured by the figure of people. In professional and business services, approximately 25 percent of workers own their own business, the highest share among the major groups. Professional service firms generally have a few recurring customers, so letters or contracts that show renewals strengthen the file. Transportation income is exposed to fuel and freight cycles, which is one reason a 24 month period is usually used.
The local economy in numbers
BLS payroll records for Midland County list around 6,314 private establishments and 108,180 jobs, with average annual pay of $99,853 (about the national average). Private employment grew by 2.8 percent across the year. Measured by jobs, the largest sectors are mining and oil and gas (32,776 jobs, 30.3 percent), accommodation and food services (9,875 jobs, 9.1 percent), and retail trade (9,170 jobs, 8.5 percent).
Compared with the nation, the area is unusually concentrated in mining and oil and gas (location quotient 73.23) and real estate and rental and leasing (location quotient 2.14). A location quotient above 1.0 means more jobs than the national average would predict. Farm, timber and mining income tends to arrive in seasonal or contract lumps, so a full 12 or 24 month period gives a fairer average than any single quarter. Pay is highest among the larger sectors in mining and oil and gas, averaging around $154,320.
Housing and what it means for your file
The median owner-occupied home in the city of Midland is valued at roughly $319,000, about 12 percent above the Texas median of $284,000, according to the American Community Survey, and 65 percent of occupied homes are owned by their residents. The median renter household pays approximately $1,434 a month in gross rent, and rental income is another question for buyers who plan to keep a unit.
Half of the residences were built before 1989. Homes of many ages sit side by side, which makes a property specific appraisal more important than any average. Detached single family residences make up 64 percent of housing units, with 16 percent in buildings of ten or more units. Detached houses are the dominant housing type, so most purchasers are comparing yards, schools and commute times more than building rules. The median real estate tax bill is approximately $4,067 a year for homeowners with a mortgage, and a mortgage lender counts it as part of housing costs.
Working from home and education
Census commute data show 6.2 percent of workers working at home, below the Texas average of 14.4 percent. Most workers commute to a job site, so many self-employed purchasers here look for a location close to customers or a shop. About 34 percent of adults aged 25 and older hold a bachelor's degree or larger, and the median age is 32. The median household income is approximately $90,000.
Institutions and anchors near Midland and Odessa
Students and faculty are anchored by Midland College. Other local anchors are Permian Basin. These institutions draw clinicians, researchers, contractors and vendors, many of whom work for themselves.
How Midland and Odessa compares
Measured by self-employment share, Midland and Odessa places 5th among the 22 Texas areas covered here. On median home value it ranks 11th of 22. The neighboring area of Odessa has a self-employed share of 11.0 percent, a median home value near $223,000 and 60 percent owner-occupied houses.
Putting it together for Midland and Odessa borrowers
One in every 8 or so workers here owns a business, which means statement based files are not a rarity in Midland and Odessa. Mortgage lenders see a lot of professional and business services applicants in this market, and the files move faster with invoices and engagement letters attached. A straightforward list that ties each large deposit to a customer is the easiest way to speed a review. Nothing about the local price level is unusual, so the documents and credit history drive the outcome.
Midland and Odessa at a glance
| Measure | Midland | Texas |
|---|---|---|
| Employed residents | 67,086 | 14,431,125 |
| Self-employed share of workers | 11.9 percent | 10.7 percent |
| Unincorporated owners | 6.5 percent | 7.1 percent |
| Incorporated owners | 5.4 percent | 3.6 percent |
| Median home value | $319,000 | $284,000 |
| Owner-occupied homes | 65 percent | 63 percent |
| Median gross rent | $1,434 | $1,403 |
| Median year built | 1989 | 1992 |
| Workers who work at home | 6.2 percent | 14.4 percent |
| Median household income | $90,000 | $78,000 |
Self-employed residents of Midland by industry
| Industry | All workers | Self-employed | Self-employed share |
|---|---|---|---|
| Professional, management and administrative services | 5,596 | 1,389 | 24.8 percent |
| Transportation, warehousing and utilities | 5,388 | 1,154 | 21.4 percent |
| Retail trade | 8,277 | 1,069 | 12.9 percent |
| Construction | 4,622 | 935 | 20.2 percent |
| Other services | 3,703 | 886 | 23.9 percent |
| Agriculture and mining | 12,424 | 678 | 5.5 percent |
| Finance, insurance and real estate | 2,898 | 585 | 20.2 percent |
Largest private sectors in Midland County
| Sector | Jobs | Share of private jobs | Average annual pay | Location quotient |
|---|---|---|---|---|
| Mining and oil and gas | 32,776 | 30.3 percent | $154,320 | 73.23 |
| Accommodation and food services | 9,875 | 9.1 percent | $28,795 | 0.92 |
| Retail trade | 9,170 | 8.5 percent | $43,795 | 0.78 |
| Construction | 7,775 | 7.2 percent | $91,905 | 1.25 |
| Wholesale trade | 6,839 | 6.3 percent | $117,560 | 1.47 |
| Health care and social assistance | 6,371 | 5.9 percent | $59,475 | 0.38 |
| Professional, scientific and technical services | 5,274 | 4.9 percent | $96,130 | 0.64 |
Local statistics are from the Census Bureau and the Bureau of Labor Statistics, as described on the data sources page.
Wherever you land in Midland and Odessa, the underwriting steps match the rest of Texas. If you want the checklist version, start with what you need to prove.
This page is general information, not an offer. Lenders verify income and ability to repay, and program availability depends on the borrower and the property.
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Buying or refinancing around Midland and Odessa?
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Frequently asked questions
Will a quiet oil year hurt my file?
A lender examines the trend and the explanation. A longer period and solid savings help.
Do equipment loan deposits count as income?
No. Loan proceeds are excluded, and the loan analyst will ask about them.
How common is self-employment in Midland and Odessa?
About 11.9 percent of employed residents of the city of Midland work for themselves, against 10.7 percent for Texas as a entire (American Community Survey, 2020 to 2024).
Which industries employ the most self-employed people in Midland and Odessa?
By headcount, the largest groups work in professional and business services and transportation and warehousing, with 1,389 and 1,154 people respectively. Applicants in any industry can ask whether a bank statement program fits.
Is a bank statement loan distinct on a Midland and Odessa property?
Not for the income part. The property side does vary: a median value about $319,000, a median year built of 1989 and 65 percent homeownership all point to what an appraiser and lender will review.