If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
When buying a home, it's important to research your options carefully -- it's a big purchase. Make sure you investigate the cost of living, choose a location that's affordable for you, shop around among mortgage lenders and keep track of today's mortgage rates in Nebraska.
This guide will help you get an idea of the home prices in some of the most affordable places in Nebraska.
If you're looking for a place to purchase that has a low cost of living, here are five affordable Nebraska cities and towns to consider.
Lincoln was ranked 59th by Niche among most cities in America with the lowest cost of living. Around 57% of residents own their homes, which have a median value of $169,800 -- well below the national average of $217,500. Lincoln was also identified as the 13th-best city in which to purchase a house in America out of 228 ranked locales. The many attractions in Lincoln help make it an enjoyable place to live -- residents can visit the Lincoln Children's Zoo, the Pioneers Park Nature Center, and the Sunken Gardens. However, the city does have one of the highest property tax rates in the country, with an average rate of 1.89% of assessed fair market value, according to Tax-rates.org.
Omaha comes in at No. 64 on Niche's list of America's most affordable cities. It's also been recognized as the 25th-best city in America in which to buy a house, and as one of the top 30 cities in which to raise a family. Homes here have a median value of $159,700 -- which helps to explain why nearly 6 in 10 residents own rather than rent. However, Douglas County does have some of the highest median property taxes in the country, with an average tax rate of 1.97% of assessed fair market value.
Although not an urban center, Lexington has a population of more than 10,000 and is one of the more affordable spots in Nebraska. Lexington is 11th on the list of places with the lowest cost of living in the state, coming in behind mostly small towns. Despite its small size, it offers ample recreational opportunities, including Philips Lake and Mac's Creek Winery and Vineyards. It's also been recognized as the 18th-best place for young professionals in the state. More than half of residents -- 58% -- own their homes, with a median value of $92,400. Property taxes are relatively high in Dawson County, with an average rate of 1.89% of assessed property value.
South Sioux City is home to around 13,000 and is the most diverse place to live in Nebraska, according to Niche. It's also 26th among the most affordable locales in the state. The area has a dense suburban feel, and around 60% of its residents own their homes. The median value here is higher than Lexington's at $116,200. Property taxes are higher, too, with an average rate in Dakota County of 1.91% of assessed property value.
Beatrice is another affordable town, with a population of just over 12,000. It's been named the 17th-best place in Nebraska to retire and is 15th for lowest cost of living in the state. Median home value here is $106,600, and 60% of residents are owners. Like the other places on our list, its property taxes are high. In Gage County, the average tax rate is 1.84% of fair market value.
With the right location and the right mortgage rate, buying a home in Nebraska can be a sound financial decision, letting you make a new home your own while making sure mortgage payments never become a burden.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2022 The Ascent. All rights reserved.