5 affordable places to live 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.
1. Lincoln
Lincoln was ranked 74th by Niche among most affordable cities in America, and it is Nebraska's most affordable city. Around 57% of residents own their homes, which have a median value of $161,200 -- just below the national average of $184,700. Lincoln was also identified as the 19th-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, which is also the Nebraska State Capitol, 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.
2. Omaha
Omaha comes in at number 81 on Niche's list of America's most affordable cities. It's also been recognized as the 33rd-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 $151,100 -- 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.
3. Lexington
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 12th 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 19th-best place for young professionals in the state. More than half of residents -- 61% -- own their homes, with a median value of $87,800. Property taxes are relatively high in Dawson County, with an average rate of 1.89% of assessed property value.
4. South Sioux City
South Sioux City is home to around 13,000, and is the most diverse place to live in Nebraska. It's also 20th 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 $111,400. Property taxes are higher, too, with an average rate in Dakota County of 1.91% of assessed property value.
5. Beatrice
Beatrice is another affordable town, with a population of just over 12,000. It's been named the 12th-best place in Nebraska to retire, and is 21st for lowest cost of living in the state. Median home value here is $105,000, and 59% 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. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
