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 | Merrick County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,750 | $167,658 | $242,182 |
| Price Trend (Annual %) | 89.8% | 8.2% | 8.2% |
| Median Gross Rent | $772 | $1,035 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Merrick County is about 30% higher than in Nebraska. Rent is about 25% 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 Merrick County, up about 89.8% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Merrick County rose about 32.3% between 2015 and 2023, from $583 to $772. Over the same span, rent in Nebraska rose about 42.6%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Merrick County.
Buying the median-priced home in Merrick County costs roughly 23.6 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 Merrick County. The price-to-rent ratio in Nebraska is about 13.5.
| Metric | Merrick County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,750 | $167,658 | $242,182 |
| Median Household Income | $64,202 | $74,987 | $78,145 |
| Price-to-Income Ratio | 3.4 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Merrick County rose about 224.1%, while median household income rose about 37.5% 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 | Merrick County | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.2% | 61.2% | 58.2% |
| Rental Rate | 17.4% | 30.8% | 31.3% |
| Vacancy Rate | 10.4% | 8.0% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Merrick County has a homeownership rate of 72.2%, higher than the Nebraska average of 61.2%. Its housing vacancy rate is 10.4%, compared with 8.0% in Nebraska.
Housing Stock
| Metric | Merrick County | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1967 | 1973 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Merrick County was built around 1967. On average, 2.4 people live in a home with about 6.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Merrick County, Nebraska.
What is the median home price in Merrick County, Nebraska?
The median home price in Merrick County, Nebraska is $218,750, higher than the Nebraska average of $167,658.
What is the average home price in Merrick 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 Merrick County, Nebraska?
The median gross rent in Merrick County, Nebraska is $772 per month, lower than the Nebraska average of $1,035.
What was the median gross rent in Merrick County in 2020?
In 2020, the median gross rent in Merrick County, Nebraska was $688 per month.
What is the price-to-rent ratio in Merrick County, Nebraska?
The price-to-rent ratio in Merrick County, Nebraska is about 23.6, meaning it would take roughly 23.6 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 Merrick County.
Are home prices or rent rising faster in Merrick County, Nebraska?
Both home prices and rent are rising in Merrick County, up about 89.8% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Merrick County, Nebraska?
72.2% of households in Merrick County, Nebraska own their home, higher than the Nebraska average of 61.2%.
What is the vacancy rate in Merrick County, Nebraska?
The housing vacancy rate in Merrick County, Nebraska is 10.4%, higher than the Nebraska average of 8.0%.