Despite continually rising home prices, it’s still cheaper to buy a house than to rent in Lancaster County.
That’s the conclusion of ATTOM Data Solutions’ 2020 Rental Affordability Report, which looked at 855 counties across the U.S. that had enough home sales to qualify for its analysis.
The median home price in Lancaster County from January-November was $180,000, according to the report, while the average monthly rent for a three-bedroom apartment was $1,316.
Based on the average weekly earnings of local workers, that three-bedroom apartment would cost them 35.2% of their income, slightly less than the national average of 37.6%.
Of the four Nebraska counties included in the report, it is cheaper to own than rent in Douglas, Hall and Lancaster counties. But, in Sarpy County, where the median home price is $200,000, it was cheaper to rent than own a house.
Nationally, owning is cheaper than renting in 53% of the counties studied, according to the report.
“However, there are distinct differences between different places, depending on the size and location from core metro areas,” Todd Teta, chief product officer with ATTOM Data Solutions, said in a news release.
According to the report, renting is cheaper than owning in very large metropolitan areas, with 69% of metro areas with at least 500,000 people and 84% of metro areas with 1 million or more having renting costs lower than home ownership.
Reach the writer at 402-473-2647 or email@example.com.
On Twitter @LincolnBizBuzz.
The business news you need
With a weekly newsletter looking back at local history.