Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cherry County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $137,499 | $167,658 | $242,182 |
| Price Trend (Annual %) | -4.1% | 8.2% | 8.2% |
| Median Gross Rent | $872 | $1,035 | $1,342 |
| Rent Trend (Annual %) | 6.5% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cherry County is about 18% lower than in Nebraska. Rent is about 16% lower than the Nebraska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Cherry County: home prices fell about 4.1% a year while rent rose about 6.5% a year. That is an unusual pattern worth watching.
Median rent in Cherry County rose about 51.0% between 2015 and 2023, from $578 to $872. Over the same span, rent in Nebraska rose about 42.6%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Cherry County.
Buying the median-priced home in Cherry County costs roughly 13.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cherry County. The price-to-rent ratio in Nebraska is about 13.5.
| Metric | Cherry County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $137,499 | $167,658 | $242,182 |
| Median Household Income | $62,191 | $74,987 | $78,145 |
| Price-to-Income Ratio | 2.2 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cherry County rose about 10.0%, while median household income rose about 57.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cherry County | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.0% | 61.2% | 58.2% |
| Rental Rate | 28.2% | 30.8% | 31.3% |
| Vacancy Rate | 25.8% | 8.0% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Cherry County has a homeownership rate of 46.0%, lower than the Nebraska average of 61.2%. Its housing vacancy rate is 25.8%, compared with 8.0% in Nebraska.
Housing Stock
| Metric | Cherry County | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1965 | 1973 | 1978 |
| Median Number of Rooms | 5.7 | 6.1 | 5.5 |
The typical housing unit in Cherry County was built around 1965. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cherry County, Nebraska.
What is the median home price in Cherry County, Nebraska?
The median home price in Cherry County, Nebraska is $137,499, lower than the Nebraska average of $167,658.
What is the average home price in Cherry County, Nebraska?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cherry County, Nebraska?
The median gross rent in Cherry County, Nebraska is $872 per month, lower than the Nebraska average of $1,035.
What was the median gross rent in Cherry County in 2020?
In 2020, the median gross rent in Cherry County, Nebraska was $707 per month.
What is the price-to-rent ratio in Cherry County, Nebraska?
The price-to-rent ratio in Cherry County, Nebraska is about 13.1, meaning it would take roughly 13.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cherry County.
Are home prices or rent rising faster in Cherry County, Nebraska?
Home prices and rent are moving in opposite directions in Cherry County: home prices fell about 4.1% a year while rent rose about 6.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Cherry County, Nebraska?
46.0% of households in Cherry County, Nebraska own their home, lower than the Nebraska average of 61.2%.
What is the vacancy rate in Cherry County, Nebraska?
The housing vacancy rate in Cherry County, Nebraska is 25.8%, higher than the Nebraska average of 8.0%.