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 | Colfax County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,832 | $167,658 | $242,182 |
| Price Trend (Annual %) | 25.7% | 8.2% | 8.2% |
| Median Gross Rent | $902 | $1,035 | $1,342 |
| Rent Trend (Annual %) | 7.9% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Colfax County is about 28% lower than in Nebraska. Rent is about 13% lower than the Nebraska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Colfax County, up about 25.7% and 7.9% a year respectively. Home prices are changing faster.
Median rent in Colfax County rose about 51.6% between 2015 and 2023, from $595 to $902. Over the same span, rent in Nebraska rose about 42.6%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Colfax County.
Buying the median-priced home in Colfax County costs roughly 11.2 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 Colfax County. The price-to-rent ratio in Nebraska is about 13.5.
| Metric | Colfax County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,832 | $167,658 | $242,182 |
| Median Household Income | $83,166 | $74,987 | $78,145 |
| Price-to-Income Ratio | 1.5 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Colfax County rose about 249.7%, while median household income rose about 82.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Colfax County | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.3% | 61.2% | 58.2% |
| Rental Rate | 21.8% | 30.8% | 31.3% |
| Vacancy Rate | 8.9% | 8.0% | 10.6% |
| Median Tenure (years) | 20.0 | 14.0 | 15.0 |
| Median Year Moved In | 2006 | 2012 | 2011 |
Colfax County has a homeownership rate of 69.3%, higher than the Nebraska average of 61.2%. Its housing vacancy rate is 8.9%, compared with 8.0% in Nebraska.
Housing Stock
| Metric | Colfax County | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.88 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1971 | 1973 | 1978 |
| Median Number of Rooms | 6.0 | 6.1 | 5.5 |
The typical housing unit in Colfax County was built around 1971. On average, 2.9 people live in a home with about 6.0 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Colfax County, Nebraska.
What is the median home price in Colfax County, Nebraska?
The median home price in Colfax County, Nebraska is $120,832, lower than the Nebraska average of $167,658.
What is the average home price in Colfax 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 Colfax County, Nebraska?
The median gross rent in Colfax County, Nebraska is $902 per month, lower than the Nebraska average of $1,035.
What was the median gross rent in Colfax County in 2020?
In 2020, the median gross rent in Colfax County, Nebraska was $691 per month.
What is the price-to-rent ratio in Colfax County, Nebraska?
The price-to-rent ratio in Colfax County, Nebraska is about 11.2, meaning it would take roughly 11.2 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 Colfax County.
Are home prices or rent rising faster in Colfax County, Nebraska?
Both home prices and rent are rising in Colfax County, up about 25.7% and 7.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Colfax County, Nebraska?
69.3% of households in Colfax County, Nebraska own their home, higher than the Nebraska average of 61.2%.
What is the vacancy rate in Colfax County, Nebraska?
The housing vacancy rate in Colfax County, Nebraska is 8.9%, higher than the Nebraska average of 8.0%.