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 | Franklin County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,000 | $167,658 | $242,182 |
| Price Trend (Annual %) | 68.8% | 8.2% | 8.2% |
| Median Gross Rent | $613 | $1,035 | $1,342 |
| Rent Trend (Annual %) | 1.7% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 57% lower than in Nebraska. Rent is about 41% 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 Franklin County, up about 68.8% and 1.7% a year respectively. Home prices are changing faster.
Median rent in Franklin County rose about 2.1% between 2015 and 2023, from $600 to $613. Over the same span, rent in Nebraska rose about 42.6%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 9.8 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 Franklin County. The price-to-rent ratio in Nebraska is about 13.5.
| Metric | Franklin County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,000 | $167,658 | $242,182 |
| Median Household Income | $57,391 | $74,987 | $78,145 |
| Price-to-Income Ratio | 1.3 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Franklin County rose about 147.7%, while median household income rose about 62.6% 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 | Franklin County | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.4% | 61.2% | 58.2% |
| Rental Rate | 17.2% | 30.8% | 31.3% |
| Vacancy Rate | 16.4% | 8.0% | 10.6% |
| Median Tenure (years) | 19.0 | 14.0 | 15.0 |
| Median Year Moved In | 2007 | 2012 | 2011 |
Franklin County has a homeownership rate of 66.4%, higher than the Nebraska average of 61.2%. Its housing vacancy rate is 16.4%, compared with 8.0% in Nebraska.
Housing Stock
| Metric | Franklin County | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.17 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1947 | 1973 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Franklin County was built around 1947. On average, 2.2 people live in a home with about 6.5 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin County, Nebraska.
What is the median home price in Franklin County, Nebraska?
The median home price in Franklin County, Nebraska is $72,000, lower than the Nebraska average of $167,658.
What is the average home price in Franklin 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 Franklin County, Nebraska?
The median gross rent in Franklin County, Nebraska is $613 per month, lower than the Nebraska average of $1,035.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, Nebraska was $529 per month.
What is the price-to-rent ratio in Franklin County, Nebraska?
The price-to-rent ratio in Franklin County, Nebraska is about 9.8, meaning it would take roughly 9.8 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 Franklin County.
Are home prices or rent rising faster in Franklin County, Nebraska?
Both home prices and rent are rising in Franklin County, up about 68.8% and 1.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin County, Nebraska?
66.4% of households in Franklin County, Nebraska own their home, higher than the Nebraska average of 61.2%.
What is the vacancy rate in Franklin County, Nebraska?
The housing vacancy rate in Franklin County, Nebraska is 16.4%, higher than the Nebraska average of 8.0%.