Grand Island, Nebraska Housing Market Prices
Grand Island Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 33% above the Nebraska median$232,284
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Median rent 15% below the Nebraska median$910
Housing Market Overview
| Metric | Grand Island | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $232,284 | $175,282 | $248,835 |
| Price Trend (Annual %) | 10.8% | 7.7% | 7.5% |
| Median Gross Rent | $910 | $1,071 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grand Island is about 33% higher than in Nebraska. Rent is about 15% lower than the Nebraska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Grand Island, up about 10.8% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Grand Island rose about 41.6% between 2015 and 2024, from $643 to $910. Over the same span, rent in Nebraska rose about 47.6%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Grand Island.
Buying the median-priced home in Grand Island costs roughly 21.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Grand Island. The price-to-rent ratio in Nebraska is about 13.6.
| Metric | Grand Island | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $232,284 | $175,282 | $248,835 |
| Median Household Income | $64,894 | $76,615 | $80,455 |
| Price-to-Income Ratio | 3.6 | 2.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Grand Island rose about 106.7%, while median household income rose about 43.6% between 2009 and 2025 — 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 | Grand Island | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.4% | 61.5% | 58.5% |
| Rental Rate | 38.4% | 30.9% | 31.2% |
| Vacancy Rate | 3.2% | 7.6% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Grand Island has a homeownership rate of 58.4%, lower than the Nebraska average of 61.5%. Its housing vacancy rate is 3.2%, compared with 7.6% in Nebraska.
Housing Stock
| Metric | Grand Island | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1970 | 1974 | 1978 |
| Median Number of Rooms | 5.6 | 6.1 | 5.5 |
The typical housing unit in Grand Island was built around 1970. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Grand Island, Nebraska.
What is the median home price in Grand Island, Nebraska?
The median home price in Grand Island, Nebraska is $232,284, higher than the Nebraska average of $175,282.
What is the average home price in Grand Island, Nebraska?
The typical home price in Grand Island, Nebraska, reported as the median sale price, is $232,284. 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 Grand Island, Nebraska?
The median gross rent in Grand Island, Nebraska is $910 per month, lower than the Nebraska average of $1,071.
What was the median gross rent in Grand Island in 2020?
In 2020, the median gross rent in Grand Island, Nebraska was $747 per month.
What is the price-to-rent ratio in Grand Island, Nebraska?
The price-to-rent ratio in Grand Island, Nebraska is about 21.3, meaning it would take roughly 21.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Grand Island.
Are home prices or rent rising faster in Grand Island, Nebraska?
Both home prices and rent are rising in Grand Island, up about 10.8% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Grand Island, Nebraska?
58.4% of households in Grand Island, Nebraska own their home, lower than the Nebraska average of 61.5%.
What is the vacancy rate in Grand Island, Nebraska?
The housing vacancy rate in Grand Island, Nebraska is 3.2%, lower than the Nebraska average of 7.6%.
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