ZIP Code · NE

ZIP 68516

Part of Lincoln, NE

Pop. 48,903·Lancaster County·19th most expensive ZIP in Nebraska

Median rent (all units)

$1,466/mo

Year-over-Year

+2.7%

Month-over-Month

+0.1%

vs US Median

-$466

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 68516 · $1,466

More affordable than 75% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$990

1 BR

$1,070

2 BR

$1,320

3 BR

$1,840

4 BR+

$1,980

Research median

$1,320/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 68516 usually run 0.7% below trend in December and 0.8% above it in July, about $22 a month apart at today's median. Based on 6 years of data.

Compared with the peak

Rent in ZIP 68516 is at its highest level since Zillow's records here began in December 2019.

Past year vs. the rest of Nebraska

Rent in ZIP 68516 changed +2.7% over the year to September 2026. Across the 47 Nebraska ZIP codes Zillow tracks, the typical change was +2.3%.

Since before the pandemic

Rent in ZIP 68516 is 31.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 10 months in a row, and rose in 11 of the last 12 months.

What a typical income covers

30% of the median household income ($100,821) is $2,521 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,980).

Rank in Lincoln

12th cheapest of 14 ZIP codes in Lincoln.

Cheaper nearby

ZIP 68506, 3 miles away, rents for 14% less ($1,260/mo), about $2,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 68516. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$17,592/yr

At $1,466/mo median

Location

CityLincoln

StateNE

CountyLancaster County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.7% YoY, +0.1% MoM), not inventory.

Demographics

Who lives here

ZIP 68516 (Lincoln, NE) is majority owner-occupied, has a large share of families with children, has a median income above the national average, 54.7% of residents hold a bachelor's degree or higher.

Population

48,903

Median income

$100,821

Median age

37.5

Renters

31.7%

Age distribution

25.6%

20.6%

25.1%

17.3%

Under 1825.6%

18–3420.6%

35–5425.1%

55–6411.4%

65+17.3%

Gender

49.3%

50.7%

Male49.3%

Female50.7%

Race & ethnicity

86.4%

White86.4%

Black1.4%

Hispanic5%

Asian2.9%

Other4.3%

Education (25+)

14.8%

28.1%

54.7%

No HS diploma2.4%

HS diploma14.8%

Some college28.1%

Bachelor's+54.7%

Housing tenure

68.3%

31.7%

Owner68.3%

Renter31.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 68516 in Lincoln, NE has changed in 5 years

Rent

$1,127 → $1,466

up 30.1%

Income

$92,651 → $100,821

up 8.8%

Population

47,520 → 48,903

up 2.9%

Renter share

31.4% → 31.7%

+0.3 pts

Bachelor's+

52.9% → 54.7%

+1.8 pts

Since 2021, the typical rent in ZIP 68516 in Lincoln, NE has increased from $1,127 to $1,466, a 30.1% change over five years. Median household income rose from $92,651 to $100,821 between 2021 and 2024, a 8.8% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.9% since 2021, moving from about 47,520 residents to roughly 48,903. Taken together, the five-year picture in ZIP 68516 in Lincoln, NE reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 68516

Last updated: October 17, 2026

ZIP code 68516 covers Lincoln, NE. The median rent here is $1,466/mo as of October 2026. A 1-bedroom rents for a median of $1,070/mo. A 2-bedroom rents for a median of $1,320/mo.

At 17% of local median household income ($100,821/yr), ZIP 68516 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 68516?

To keep rent at or below 30% of gross income, you would need to earn at least $59,000/year (about $28/hour full-time) to afford the median rent of $1,466/mo in ZIP 68516. The local median household income is $100,821/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 68516?

Rent in ZIP 68516 has risen 2.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in December 2019.

When is the cheapest time to rent in ZIP 68516?

Asking rents in ZIP 68516 are usually lowest in December, about 0.7% below their yearly trend, and highest in July, about 0.8% above it. At today's median that is a gap of roughly $22 a month. This pattern comes from 6 years of Zillow rent data.

How does ZIP 68516 compare to other ZIPs in Nebraska?

ZIP 68516 is in the middle among Nebraska ZIP codes for rent, ranking #19 of 52 at $1,466/mo. Over the year to September 2026, rent in ZIP 68516 changed +2.7%, against a typical +2.3% across the 47 Nebraska ZIP codes Zillow tracks.