Phelps County, Nebraska Housing Market Prices
Phelps County 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 28% above the Nebraska median More expensive than 87% of counties in Nebraska$224,999
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Median rent 24% below the Nebraska median$815
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Phelps County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $224,999 | $175,282 | $248,835 |
| Price Trend (Annual %) | 55.5% | 7.7% | 7.5% |
| Median Gross Rent | $815 | $1,071 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Phelps County is about 28% higher than in Nebraska. Rent is about 24% 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 Phelps County, up about 55.5% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Phelps County rose about 38.1% between 2015 and 2024, from $590 to $815. Over the same span, rent in Nebraska rose about 47.6%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Phelps County.
Buying the median-priced home in Phelps County costs roughly 23.0 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 Phelps County. The price-to-rent ratio in Nebraska is about 13.6.
| Metric | Phelps County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $224,999 | $175,282 | $248,835 |
| Median Household Income | $68,938 | $76,615 | $80,455 |
| Price-to-Income Ratio | 3.3 | 2.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Phelps County rose about 97.5%, while median household income rose about 44.2% 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 | Phelps County | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.1% | 61.5% | 58.5% |
| Rental Rate | 29.8% | 30.9% | 31.2% |
| Vacancy Rate | 6.1% | 7.6% | 10.2% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Phelps County has a homeownership rate of 64.1%, higher than the Nebraska average of 61.5%. Its housing vacancy rate is 6.1%, compared with 7.6% in Nebraska.
Housing Stock
| Metric | Phelps County | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1968 | 1974 | 1978 |
| Median Number of Rooms | 6.6 | 6.1 | 5.5 |
The typical housing unit in Phelps County was built around 1968. On average, 2.2 people live in a home with about 6.6 rooms, staying for about 15.0 years on average.
Phelps County, NE Housing Compared With Nearby Counties
How Phelps County, NE compares with the 1 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Phelps County, NE | 9,009 | $224,999 #2/2 | $815 #2/2 | 68.3% #1/2 |
| Buffalo County, NE | 50,579 | $238,571 | $935 | 66.4% |
Frequently Asked Questions
Common questions about the housing market in Phelps County, Nebraska.
What is the median home price in Phelps County, Nebraska?
The median home price in Phelps County, Nebraska is $224,999, higher than the Nebraska average of $175,282.
What is the average home price in Phelps County, Nebraska?
The typical home price in Phelps County, Nebraska, reported as the median sale price, is $224,999. 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 Phelps County, Nebraska?
The median gross rent in Phelps County, Nebraska is $815 per month, lower than the Nebraska average of $1,071.
What was the median gross rent in Phelps County in 2020?
In 2020, the median gross rent in Phelps County, Nebraska was $647 per month.
What is the price-to-rent ratio in Phelps County, Nebraska?
The price-to-rent ratio in Phelps County, Nebraska is about 23.0, meaning it would take roughly 23.0 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 Phelps County.
Are home prices or rent rising faster in Phelps County, Nebraska?
Both home prices and rent are rising in Phelps County, up about 55.5% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Phelps County, Nebraska?
64.1% of households in Phelps County, Nebraska own their home, higher than the Nebraska average of 61.5%.
What is the vacancy rate in Phelps County, Nebraska?
The housing vacancy rate in Phelps County, Nebraska is 6.1%, lower than the Nebraska average of 7.6%.
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