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 | Polk County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $7,916 | $167,658 | $242,182 |
| Price Trend (Annual %) | -16.5% | 8.2% | 8.2% |
| Median Gross Rent | $691 | $1,035 | $1,342 |
| Rent Trend (Annual %) | 1.5% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Polk County is about 95% lower than in Nebraska. Rent is about 33% lower than the Nebraska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Polk County: home prices fell about 16.5% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
Median rent in Polk County rose about 16.9% between 2015 and 2023, from $591 to $691. Over the same span, rent in Nebraska rose about 42.6%.
Affordability
On average, housing unit costs 0.1 yearly household incomes in Polk County.
Buying the median-priced home in Polk County costs roughly 1.0 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 Polk County. The price-to-rent ratio in Nebraska is about 13.5.
| Metric | Polk County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $7,916 | $167,658 | $242,182 |
| Median Household Income | $72,763 | $74,987 | $78,145 |
| Price-to-Income Ratio | 0.1 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Polk County fell about 80.0%, while median household income rose about 65.2% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Polk County | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.6% | 61.2% | 58.2% |
| Rental Rate | 15.0% | 30.8% | 31.3% |
| Vacancy Rate | 18.5% | 8.0% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Polk County has a homeownership rate of 66.6%, higher than the Nebraska average of 61.2%. Its housing vacancy rate is 18.5%, compared with 8.0% in Nebraska.
Housing Stock
| Metric | Polk County | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1962 | 1973 | 1978 |
| Median Number of Rooms | 6.7 | 6.1 | 5.5 |
The typical housing unit in Polk County was built around 1962. On average, 2.5 people live in a home with about 6.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Polk County, Nebraska.
What is the median home price in Polk County, Nebraska?
The median home price in Polk County, Nebraska is $7,916, lower than the Nebraska average of $167,658.
What is the average home price in Polk 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 Polk County, Nebraska?
The median gross rent in Polk County, Nebraska is $691 per month, lower than the Nebraska average of $1,035.
What was the median gross rent in Polk County in 2020?
In 2020, the median gross rent in Polk County, Nebraska was $606 per month.
What is the price-to-rent ratio in Polk County, Nebraska?
The price-to-rent ratio in Polk County, Nebraska is about 1.0, meaning it would take roughly 1.0 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 Polk County.
Are home prices or rent rising faster in Polk County, Nebraska?
Home prices and rent are moving in opposite directions in Polk County: home prices fell about 16.5% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Polk County, Nebraska?
66.6% of households in Polk County, Nebraska own their home, higher than the Nebraska average of 61.2%.
What is the vacancy rate in Polk County, Nebraska?
The housing vacancy rate in Polk County, Nebraska is 18.5%, higher than the Nebraska average of 8.0%.