Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 40,505 people, 16,255 houses or apartments, and a median cost of homes of $140,148, house prices in Lancaster are solidly below the national average.
Single-family detached homes are the single most common housing type in Lancaster, accounting for 65.54% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 14.81%), duplexes, homes converted to apartments or other small apartment buildings ( 14.29%), and a few row houses and other attached homes ( 4.24%).
The most prevalent building size and type in Lancaster are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.93% owning and 47.07% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lancaster's housing was primarily built during this period, from the '40s through the '60s. A full 34.12% of the city's housing hails from this era. Other housing ages represented in Lancaster include homes built between 1970-1999 ( 31.47%) and housing constructed before 1939 ( 22.66%). There's also some housing in Lancaster built between 2000 and later ( 11.75%).
Vacant housing appears to be an issue in Lancaster. Fully 10.47% of the housing stock is classified as vacant. Left unchecked, vacant Lancaster homes and apartments can be a drag on the real estate market, holding Lancaster real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Lancaster's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 1.93% during the period.
NeighborhoodScout's data show that during the latest twelve months, Lancaster's appreciation rate, at 4.44%, has been at or slightly above the national average. In the latest quarter, Lancaster's appreciation rate has been 1.63%, which annualizes to a rate of 6.67%.
Relative to Ohio, our data show that Lancaster's latest annual appreciation rate is higher than 50% of the other cities and towns in Ohio.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lancaster differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lancaster - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lancaster real estate investment or home purchase decisions.
|$900,001 - $1,200,000||0.1|
|$600,001 - $900,000||1.1|
|$480,001 - $600,000||0.8|
|$360,001 - $480,000||2.6|
|$240,001 - $360,000||9.3|
|$120,001 - $240,000||46.3|
|$60,001 - $120,000||32.1|
|$0 - $60,000||7.3|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
2000 Q1 - 2020 Q3
|* 10 is highest|
|AGE OF Lancaster HOMES|
|2000 or Newer||11.7|
|1970 - 1999||31.5|
|1940 - 1969||34.1|
|1939 or Older||22.7|
|TYPE OF Lancaster HOMES|
|Small Apt. Buildings||14.3|
|SIZE OF Lancaster HOMES|
|5 or more bedrooms||1.70|