Average Cost Of Living In Nebraska

Average Cost Of Living In Nebraska

If you’re looking for companies that buy houses in Lincoln, Nebraska, don’t worry! The Nebraska real estate market is stable and steadily growing, making it the perfect location to put your home on the market. 

Unlike many other states, Nebraska’s housing market stood firm during the pandemic. They are leading the bounce-back of real estate in the country. It can be intimidating trying to sell a property in poor condition, but Nebraska is the best place to do it. 

Having a property that feels like a weight around your neck is stressful. Especially when it is in poor condition, and you feel like it will be a difficult house to put on the market. 

You may even feel pressure to invest in repairs and modifications to make the house more appealing to buyers. However, if you are selling your property in Nebraska, the market is ready and willing to take the home off your hands, no matter the condition.

The cost of living calculator shows Nebraska often sits lower on the scale, and employment rates are steady, meaning Nebraska is a great place to sell a house that is a fixer-upper. Nebraska is a hot market for renting properties.

Several home-buying and cash buying companies exist that are willing to take your house off your hands and provide you with upfront offers.

Real Estate Market in Nebraska

Real Estate Market in Nebraska

The first thing to understand about Nebraska’s current real estate market is that it is incredibly competitive. This competitiveness is because there is a low supply of available properties. No matter how dilapidated the property is, people are seeking to buy it. 

Whether you are selling in Lincoln or Burlington, or Omaha, selling a house without a realtor is easier than ever. There are several cash home buyers in Omaha, for example. 

In October 2019, the median price for a Nebraska home was $190,000. Since then, the median has risen to $245,000 per home in a short two years. This steady incline exemplifies how healthy Nebraska’s real estate market is and is projected to continue standing strong. 

This strength can be attributed to the number of houses available on the market. In the same two years, the market has gone from having over 3,400 houses available to just 1,600 homes. 

This drop in available houses makes each house that is on the market more valuable. The demand present in the market suggests that homes will continue to appreciate as they stay on the market because there is such a shortage of inventory.

Appreciation is forecasted at 4.6% a year, so holding onto your flawed property could help you sell it at a higher price. The critical takeaway from Nebraska’s real estate market is that it is an excellent time to be a seller because buyers are looking for homes. 

Costs of Living in Nebraska 

Right now, Nebraska is one of the most affordable states to live in. Because the job market survived the initial instability of the pandemic, many people were able to maintain their overall cost of living and even improve it. 

The cost of living index is based on the national average. States are given an overall rating compared to the national average, which is 100. Individual prices for people are also broken down and rated on the same scale. 

For example, if Colorado’s overall rating were to be 50, that means it is 50% cheaper than the country’s average cost of living. So let’s take a look at the breakdown of Nebraska’s cost of living compared to America’s cost of living. 

Bills and Utility Costs 

Bills and utilities include the cost of heating or cooling in different areas. Whether this is with electricity, natural gas, or other fuels, it is all calculated under utilities for the area. Utilities and bills do not include property taxes that homeowners pay. 

In Nebraska, the cost of utilities is rated 95 compared to the national average. There is not much difference between utility costs across the country and costs in Nebraska. Things such as gas and electricity tend to be the same price throughout America. 

Transportation Costs

Transportation costs include:

  • Gas prices 
  • Car insurance 
  • Maintenance expenses
  • Public transportation fares 

It essentially constitutes the cost of maintaining a particular transportation method. Therefore, it does not include purchasing a new or used vehicle or registration costs since these are not regular costs. 

Nebraska has a good rating when it comes to its transportation, scoring of 76.1. The rating means residents of Nebraska pay 76.1% of what the average American pays for transportation. This is a tremendous cost for those who often commute to their job or travel by car. 

Housing Prices in Nebraska

Statistics on home prices are a little more straightforward. The average housing cost in America is $291,700, while Nebraska’s average cost is only $205,200, almost a $90,000 difference. 

This difference makes Nebraska a popular place for families to move and buy property. Buyers can get more for less in an area with a lower cost of living than the rest of the country.

Food & Shopping 

This category constitutes groceries people buy and other necessities like toothpaste, toilet paper, and other toiletries people buy regularly. The cost significantly impacts how well people can live in a particular area because many stores hike up their prices in metro areas. 

Nebraska scores 94.9 compared to the rest of the country. The score doesn’t seem fantastic, but when it’s weekly shopping and necessities like this, even 5% of savings can make a huge difference.

Health and Medical Costs

Health and Medical Costs

This statistic accounts for the average daily price of a hospital room and the average cost of a standard doctor check-up or dental appointment to calculate the average cost of medical expenses. This statistic does not include: 

  • Childcare 
  • Emergency medical expenses
  • Surgeries
  • Anything considered unexpected versus planned medical expenses 

Nebraska does not do great in this category. They scored 132.3 in the health category. Nebraska’s rating is almost 33% higher than the national average, which seems staggering. Many attribute this to the GOP healthcare bill that does not work well with Nebraska state policies increasing healthcare costs. 

Rather than helping the disadvantaged obtain healthcare, the bill resulted in many Nebraska business owners retracting health insurance from their employees because it became more expensive. Because of this and the resulting costs, many go without healthcare.

Average Cost of Living in Nebraska

The average cost of living uses all of the expenses we discussed above to calculate the statistic. They are weighted differently depending on how much people put towards each category. 

The state’s average salary is also considered compared to states where wages are much higher, like New York. State sales tax and income tax rates are also factored into the cost of living calculator. 

The average cost of living in Nebraska is rated at 89.1, making it nearly 11% cheaper to live in than the rest of the United States. Nebraska’s affordability has improved in recent years, especially in small towns. Eleven percent may not sound like much, but 11% is a significant saving over time that can help a struggling family individual save money. 

Conclusion 

Compared to the majority of US states, Nebraska is significantly cheaper to live in, making it a popular place to move to at the moment. Right now, real estate markets are bouncing back from the pandemic, and Nebraska is leading this charge. You can sell your house online quickly and efficiently.   

The Nebraska market is ideal for those trying to sell, while the cost of living is desirable to many people looking to move out of metropolitan areas. 

So if you are looking to unload an unwanted property, selling a house in Nebraska should end up benefiting you financially while those trying to save money seek out more affordable areas. Unsure where to look? We buy houses in Nebraska.  

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