Lancaster, Pennsylvania Housing Market Prices
Lancaster 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.
-
Median home price 21% above the Pennsylvania median$184,059
-
Median rent 3% above the Pennsylvania median$1,246
Housing Market Overview
| Metric | Lancaster | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,059 | $152,469 | $248,835 |
| Price Trend (Annual %) | 15.0% | 3.7% | 7.5% |
| Median Gross Rent | $1,246 | $1,208 | $1,407 |
| Rent Trend (Annual %) | 5.7% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lancaster is about 21% higher than in Pennsylvania. Rent is about 3% higher than the Pennsylvania 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 Lancaster, up about 15.0% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Lancaster rose about 59.5% between 2015 and 2024, from $781 to $1,246. Over the same span, rent in Pennsylvania rose about 43.9%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Lancaster.
Buying the median-priced home in Lancaster costs roughly 12.3 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 Lancaster. The price-to-rent ratio in Pennsylvania is about 10.5.
| Metric | Lancaster | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,059 | $152,469 | $248,835 |
| Median Household Income | $64,470 | $78,249 | $80,455 |
| Price-to-Income Ratio | 2.9 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lancaster rose about 131.5%, while median household income rose about 78.5% 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 | Lancaster | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.6% | 63.0% | 58.5% |
| Rental Rate | 48.6% | 27.9% | 31.2% |
| Vacancy Rate | 4.7% | 9.1% | 10.2% |
| Median Tenure (years) | 11.0 | 17.0 | 15.0 |
| Median Year Moved In | 2015 | 2009 | 2011 |
Lancaster has a homeownership rate of 46.6%, lower than the Pennsylvania average of 63.0%. Its housing vacancy rate is 4.7%, compared with 9.1% in Pennsylvania.
Housing Stock
| Metric | Lancaster | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.39 people | 2.53 people |
| Median Structure Built Year | 1947 | 1966 | 1978 |
| Median Number of Rooms | 5.6 | 6.0 | 5.5 |
The typical housing unit in Lancaster was built around 1947. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lancaster, Pennsylvania.
What is the median home price in Lancaster, Pennsylvania?
The median home price in Lancaster, Pennsylvania is $184,059, higher than the Pennsylvania average of $152,469.
What is the average home price in Lancaster, Pennsylvania?
The typical home price in Lancaster, Pennsylvania, reported as the median sale price, is $184,059. 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 Lancaster, Pennsylvania?
The median gross rent in Lancaster, Pennsylvania is $1,246 per month, higher than the Pennsylvania average of $1,208.
What was the median gross rent in Lancaster in 2020?
In 2020, the median gross rent in Lancaster, Pennsylvania was $924 per month.
What is the price-to-rent ratio in Lancaster, Pennsylvania?
The price-to-rent ratio in Lancaster, Pennsylvania is about 12.3, meaning it would take roughly 12.3 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 Lancaster.
Are home prices or rent rising faster in Lancaster, Pennsylvania?
Both home prices and rent are rising in Lancaster, up about 15.0% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lancaster, Pennsylvania?
46.6% of households in Lancaster, Pennsylvania own their home, lower than the Pennsylvania average of 63.0%.
What is the vacancy rate in Lancaster, Pennsylvania?
The housing vacancy rate in Lancaster, Pennsylvania is 4.7%, lower than the Pennsylvania average of 9.1%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →