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 | Lebanon County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $204,276 | $154,283 | $242,182 |
| Price Trend (Annual %) | 9.5% | 4.4% | 8.2% |
| Median Gross Rent | $1,087 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lebanon County is about 32% higher than in Pennsylvania. Rent is about 6% lower 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 Lebanon County, up about 9.5% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Lebanon County rose about 41.6% between 2015 and 2023, from $768 to $1,087. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Lebanon County.
Buying the median-priced home in Lebanon County costs roughly 15.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lebanon County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Lebanon County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $204,276 | $154,283 | $242,182 |
| Median Household Income | $76,578 | $76,231 | $78,145 |
| Price-to-Income Ratio | 2.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lebanon County rose about 61.6%, while median household income rose about 48.6% 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 | Lebanon County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.8% | 62.8% | 58.2% |
| Rental Rate | 26.9% | 27.8% | 31.3% |
| Vacancy Rate | 6.3% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 17.0 | 15.0 |
| Median Year Moved In | 2010 | 2009 | 2011 |
Lebanon County has a homeownership rate of 66.8%, higher than the Pennsylvania average of 62.8%. Its housing vacancy rate is 6.3%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Lebanon County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1971 | 1965 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Lebanon County was built around 1971. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lebanon County, Pennsylvania.
What is the median home price in Lebanon County, Pennsylvania?
The median home price in Lebanon County, Pennsylvania is $204,276, higher than the Pennsylvania average of $154,283.
What is the average home price in Lebanon 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 Lebanon County, Pennsylvania?
The median gross rent in Lebanon County, Pennsylvania is $1,087 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Lebanon County in 2020?
In 2020, the median gross rent in Lebanon County, Pennsylvania was $878 per month.
What is the price-to-rent ratio in Lebanon County, Pennsylvania?
The price-to-rent ratio in Lebanon County, Pennsylvania is about 15.7, meaning it would take roughly 15.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lebanon County.
Are home prices or rent rising faster in Lebanon County, Pennsylvania?
Both home prices and rent are rising in Lebanon County, up about 9.5% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lebanon County, Pennsylvania?
66.8% of households in Lebanon County, Pennsylvania own their home, higher than the Pennsylvania average of 62.8%.
What is the vacancy rate in Lebanon County, Pennsylvania?
The housing vacancy rate in Lebanon County, Pennsylvania is 6.3%, lower than the Pennsylvania average of 9.4%.