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 | Lancaster County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $223,382 | $154,283 | $242,182 |
| Price Trend (Annual %) | 9.9% | 4.4% | 8.2% |
| Median Gross Rent | $1,289 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lancaster County is about 45% higher than in Pennsylvania. Rent is about 11% higher than the Pennsylvania 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 Lancaster County, up about 9.9% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Lancaster County rose about 41.9% between 2015 and 2023, from $908 to $1,289. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Lancaster County.
Buying the median-priced home in Lancaster County costs roughly 14.4 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 County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Lancaster County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $223,382 | $154,283 | $242,182 |
| Median Household Income | $84,416 | $76,231 | $78,145 |
| Price-to-Income Ratio | 2.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lancaster County rose about 64.3%, while median household income rose about 53.5% 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 | Lancaster County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.6% | 62.8% | 58.2% |
| Rental Rate | 29.0% | 27.8% | 31.3% |
| Vacancy Rate | 3.4% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 17.0 | 15.0 |
| Median Year Moved In | 2010 | 2009 | 2011 |
Lancaster County has a homeownership rate of 67.6%, higher than the Pennsylvania average of 62.8%. Its housing vacancy rate is 3.4%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Lancaster County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1975 | 1965 | 1978 |
| Median Number of Rooms | 6.2 | 6.0 | 5.5 |
The typical housing unit in Lancaster County was built around 1975. On average, 2.6 people live in a home with about 6.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lancaster County, Pennsylvania.
What is the median home price in Lancaster County, Pennsylvania?
The median home price in Lancaster County, Pennsylvania is $223,382, higher than the Pennsylvania average of $154,283.
What is the average home price in Lancaster County, Pennsylvania?
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 Lancaster County, Pennsylvania?
The median gross rent in Lancaster County, Pennsylvania is $1,289 per month, higher than the Pennsylvania average of $1,161.
What was the median gross rent in Lancaster County in 2020?
In 2020, the median gross rent in Lancaster County, Pennsylvania was $1,050 per month.
What is the price-to-rent ratio in Lancaster County, Pennsylvania?
The price-to-rent ratio in Lancaster County, Pennsylvania is about 14.4, meaning it would take roughly 14.4 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 County.
Are home prices or rent rising faster in Lancaster County, Pennsylvania?
Both home prices and rent are rising in Lancaster County, up about 9.9% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lancaster County, Pennsylvania?
67.6% of households in Lancaster County, Pennsylvania own their home, higher than the Pennsylvania average of 62.8%.
What is the vacancy rate in Lancaster County, Pennsylvania?
The housing vacancy rate in Lancaster County, Pennsylvania is 3.4%, lower than the Pennsylvania average of 9.4%.