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 | Thomas County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $94,166 | $167,658 | $242,182 |
| Price Trend (Annual %) | 17.5% | 8.2% | 8.2% |
| Median Gross Rent | $684 | $1,035 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Thomas County is about 44% lower than in Nebraska. Rent is about 34% lower than the Nebraska average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Thomas County, up about 17.5% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Thomas County rose about 54.5% between 2015 and 2023, from $443 to $684. Over the same span, rent in Nebraska rose about 42.6%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Thomas County.
Buying the median-priced home in Thomas County costs roughly 11.5 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 Thomas County. The price-to-rent ratio in Nebraska is about 13.5.
| Metric | Thomas County | Nebraska Avg | US Average |
|---|---|---|---|
| Median Home Price | $94,166 | $167,658 | $242,182 |
| Median Household Income | $66,000 | $74,987 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2022, the median home price in Thomas County rose about 151.1%, while median household income rose about 60.5% 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 | Thomas County | Nebraska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.5% | 61.2% | 58.2% |
| Rental Rate | 26.2% | 30.8% | 31.3% |
| Vacancy Rate | 13.4% | 8.0% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Thomas County has a homeownership rate of 60.5%, lower than the Nebraska average of 61.2%. Its housing vacancy rate is 13.4%, compared with 8.0% in Nebraska.
Housing Stock
| Metric | Thomas County | Nebraska Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.97 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1957 | 1973 | 1978 |
| Median Number of Rooms | 6.0 | 6.1 | 5.5 |
The typical housing unit in Thomas County was built around 1957. On average, 2.0 people live in a home with about 6.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Thomas County, Nebraska.
What is the median home price in Thomas County, Nebraska?
The median home price in Thomas County, Nebraska is $94,166, lower than the Nebraska average of $167,658.
What is the average home price in Thomas 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 Thomas County, Nebraska?
The median gross rent in Thomas County, Nebraska is $684 per month, lower than the Nebraska average of $1,035.
What was the median gross rent in Thomas County in 2020?
In 2020, the median gross rent in Thomas County, Nebraska was $587 per month.
What is the price-to-rent ratio in Thomas County, Nebraska?
The price-to-rent ratio in Thomas County, Nebraska is about 11.5, meaning it would take roughly 11.5 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 Thomas County.
Are home prices or rent rising faster in Thomas County, Nebraska?
Both home prices and rent are rising in Thomas County, up about 17.5% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Thomas County, Nebraska?
60.5% of households in Thomas County, Nebraska own their home, lower than the Nebraska average of 61.2%.
What is the vacancy rate in Thomas County, Nebraska?
The housing vacancy rate in Thomas County, Nebraska is 13.4%, higher than the Nebraska average of 8.0%.