Skip to main content
You are the owner of this article.
You have permission to edit this article.
Edit
Report: Still cheaper to buy than rent in Lincoln
editor's pick top story

Report: Still cheaper to buy than rent in Lincoln

{{featured_button_text}}
Rooftops, 10.20

A report from Attom Data Solutions says owning a home remains cheaper than renting in Lancaster County.

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%.

Support Local Journalism

Your membership makes our reporting possible.
{{featured_button_text}}
Lancaster County home values likely to remain steady in 2020; commercial property values to see change

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 molberding@journalstar.com.

On Twitter @LincolnBizBuzz.

0
1
2
1
1

The business news you need

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Business reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

Related to this story

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Breaking News

Husker News