Nebraskans turn to renting as home prices are at record highs

NORFOLK, Neb. - Home prices are at record highs, meaning people are considering renting as an alternative.

"Apartment complexes are filling up, people are really not wanting to purchase houses right now," Tammy Thompson, the property manager for Victory Village Apartments in Norfolk.

Good news for rental companies.

"Right now the market is a seller's market, it's really not a buyers market," said Thompson.

The National Association of Realtors said Monday, that existing-home sales rose two percent, marking two consecutive months of increases.

Despite the increase in sales, home prices are still at record highs, leading more families to consider renting.

"They don't know really where they want to live and this is their safe environment for them until they feel that they're ready to make that next step to go to that house," said Thompson.

Victory Village is the newest apartment complex in Norfolk, and it is almost completely booked.

First-time homebuyers are struggling to come up with the cash needed for a down payment.

Soaring prices are pushing many out of home-ownership.

"It's really maintenance-free living," said Thompson. "With it being a seller's market right now, people aren't wanting to buy the houses."

There is also a statewide rental assistance program, but many don't know they qualify.

More than 1-in-3 people in Nebraska renting, there may never be a better time to take a closer look at the options out there.