Lebanon, Pennsylvania Housing Market Prices
Lebanon 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 16% below the Pennsylvania median$128,779
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Median rent 18% below the Pennsylvania median$991
Housing Market Overview
| Metric | Lebanon | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $128,779 | $152,469 | $248,835 |
| Price Trend (Annual %) | 28.3% | 3.7% | 7.5% |
| Median Gross Rent | $991 | $1,208 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lebanon is about 16% lower than in Pennsylvania. Rent is about 18% lower 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 Lebanon, up about 28.3% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Lebanon rose about 48.8% between 2015 and 2024, from $666 to $991. Over the same span, rent in Pennsylvania rose about 43.9%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Lebanon.
Buying the median-priced home in Lebanon costs roughly 10.8 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 Lebanon. The price-to-rent ratio in Pennsylvania is about 10.5.
| Metric | Lebanon | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $128,779 | $152,469 | $248,835 |
| Median Household Income | $48,345 | $78,249 | $80,455 |
| Price-to-Income Ratio | 2.7 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lebanon rose about 124.0%, while median household income rose about 42.3% 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 | Lebanon | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.1% | 63.0% | 58.5% |
| Rental Rate | 49.0% | 27.9% | 31.2% |
| Vacancy Rate | 7.9% | 9.1% | 10.2% |
| Median Tenure (years) | 12.0 | 17.0 | 15.0 |
| Median Year Moved In | 2014 | 2009 | 2011 |
Lebanon has a homeownership rate of 43.1%, lower than the Pennsylvania average of 63.0%. Its housing vacancy rate is 7.9%, compared with 9.1% in Pennsylvania.
Housing Stock
| Metric | Lebanon | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.39 people | 2.53 people |
| Median Structure Built Year | 1948 | 1966 | 1978 |
| Median Number of Rooms | 5.3 | 6.0 | 5.5 |
The typical housing unit in Lebanon was built around 1948. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lebanon, Pennsylvania.
What is the median home price in Lebanon, Pennsylvania?
The median home price in Lebanon, Pennsylvania is $128,779, lower than the Pennsylvania average of $152,469.
What is the average home price in Lebanon, Pennsylvania?
The typical home price in Lebanon, Pennsylvania, reported as the median sale price, is $128,779. 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 Lebanon, Pennsylvania?
The median gross rent in Lebanon, Pennsylvania is $991 per month, lower than the Pennsylvania average of $1,208.
What was the median gross rent in Lebanon in 2020?
In 2020, the median gross rent in Lebanon, Pennsylvania was $821 per month.
What is the price-to-rent ratio in Lebanon, Pennsylvania?
The price-to-rent ratio in Lebanon, Pennsylvania is about 10.8, meaning it would take roughly 10.8 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 Lebanon.
Are home prices or rent rising faster in Lebanon, Pennsylvania?
Both home prices and rent are rising in Lebanon, up about 28.3% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lebanon, Pennsylvania?
43.1% of households in Lebanon, Pennsylvania own their home, lower than the Pennsylvania average of 63.0%.
What is the vacancy rate in Lebanon, Pennsylvania?
The housing vacancy rate in Lebanon, Pennsylvania is 7.9%, lower than the Pennsylvania average of 9.1%.
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