The median home price in Nebraska is $245,663, which has increased by 4.6% since the last year. The Nebraska housing market has witnessed a 2.2% year-over-year decline in the number of homes listed. With only a 2-month supply left, the tight inventory is expected to increase the median sale price.
As per our research, home prices are relatively higher in coastal areas near San Francisco, NE On the other hand, as you move towards the inland areas of the Cornhusker State, like Redding, you can find cheaper housing options.
4 Reasons to live in Nebraska 🌊
- Cheaper Houses: The median home sale price in Nebraska is ~$245K but you can get houses between $120K and $190K in cities like Sacramento, Bakersfield, and Modesto.
- Tax Benefits: Nebraska has implemented programs supporting certain demographics like the CalEITC (Earned Income Tax Credit). This program aids low-income earners, potentially reducing their tax burden.
- Affordable Healthcare: Healthcare in cities that are mentioned in this blog is up to 5% lower than the state average. In some cities, the average healthcare is even cheaper than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the national average. You can save up to $200 per month in rent.
Cheapest Places to Live in Nebraska in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Alliance | $36,832 | $117,293 | 13,517 | 3.6% | 25.4% |
| Beatrice | $41,242 | $131,007 | 5,717 | 3.4% | 15.8% |
| Holdrege | $38,904 | $137,298 | 42,215 | 9.7% | 23.1% |
| Scottsbluff | $50,410 | $148,036 | 8,961 | 3.0% | 21.8% |
| McCook | $43,879 | $192,544 | 17,054 | 3.7% | 17.7% |
| Lexington | $54,020 | $236,560 | 97,840 | 3.8% | 17.2% |
| Hastings | $54,015 | $242,819 | 79,009 | 4.3% | 12% |
7 Cheapest Places to Live in NE
The annual population growth of 7.6% since 2010 reflects people’s intention to move to Nebraska. If you’re considering shifting to the Cornhusker State, here are some cities that offer affordable living options:
1. Alliance
| 🟢 Cost of Living Compared to State Average | 23.2%⬇️ |
| 🏡 Median Home Price | $149,297 |
| 💲 Median Rent | $600 |
| 🚗 Known For | Carhenge |
Alliance is an affordable place to live in Nebraska. Its median house rent ranges from $595 – $600. It also offers affordable transportation, which is 40% lower than the national average.
Alliance is appealing to those seeking a secure setting for family life, boasting a crime rate below the national average. The town fosters a strong sense of community, with residents frequently participating in local events such as farmers’ markets and parades.
» Homes for Sale in Alliance, NE: Find your dream home in this city.
2. Beatrice
| 🟢 Cost of Living Compared to State Average | 22.7%⬇️ |
| 🏡 Median Home Price | $154,998 |
| 💲 Median Rent | $925 |
| 🏞️ Known For | Homestead National Historical Park |
Beatrice is one of the most budget-friendly rental destinations in Nebraska with an average home rent ranging from $725 – $1,185. It also offers affordable groceries, which is 5.5% lower than the national average.
Beatrice is a quaint city located in Gage County and has good connectivity to cities like Lincoln and Omaha. Residents have the opportunity to visit attractions such as the Homestead National Monument, where they can immerse themselves in history.
Additionally, they can discover enriching experiences at the Carnegie Building, further deepening their understanding of the past.
» Homes for Sale in Beatrice, NE: Browse thousands of property listings in Beatrice.
3. Holdrege
| 🟢 Cost of Living Compared to State Average | 18.9%⬇️ |
| 🏡 Median Home Price | $155,481 |
| 💲 Median Rent | $895 |
| 🎭 Known For | Tassel Performing Arts Center |
With rental costs below the national average, Holdrege stands as one of the most affordable cities to live in Nebraska. The house rent is between $775 – $1,150.
Holdrege has been recognized as the happiest town in Nebraska, offering a delightful living experience. It offers diverse entertainment options such as the Phelps County Historical Museum. There are parks suitable for families, and numerous dining and shopping venues in the downtown area.
» Homes for Sale in Holdrege, NE: View all the properties for sale in this city.
4. Scottsbluff
| 🟢 Cost of Living Compared to State Average | 17.9%⬇️ |
| 🏡 Median Home Price | $161,783 |
| 💲 Median Rent | $1,075 |
| 🏖️ Known For | Scotts Bluff National Monument |
Scottsbluff offers budget-friendly living with a median rent that is $950 – $1,500 lower than the national median. Moreover, the transportation costs are 38.8% below the national average in this city.
Scottsbluff offers abundant outdoor activities like hiking, fishing, and camping near scenic spots like Scotts Bluff National Monument and the North Platte River.
It boasts quality education institutions, including Western Nebraska Community College and the University of Nebraska at Kearney, catering to students from primary to post-graduate levels.
» Homes for Sale in Scottsbluff, NE: Browse through thousands of affordable properties.
5. McCook
| 🟢 Cost of Living Compared to National Average | 23%⬇️ |
| 🏡 Median Home Price | $163,242 |
| 💲 Median Rent | $711 |
| 🎨 Known For | Red Willow State Recreation Area |
The average housing price is 31% lower than the state average. It is advised to have an annual income of at least $30,960 for a family and $26,000 for an individual to maintain a comfortable lifestyle in McCook, Nebraska.
Residing in McCook offers a distinctive lifestyle. During the summer season, residents can enjoy numerous festivals like Music on Main Street and the county fair. Additionally, various sports teams including football, basketball, and cross country provide opportunities for active recreation and enjoyment.
» Homes for Sale in McCook, NE: Browse through thousands of properties in Residing.
6. Lexington
| 🟢 Cost of Living Compared to State Average | 21.9%⬇️ |
| 🏡 Median Home Price | $174,230 |
| 💲 Median Rent | $1,209 |
| 🏫 Known For | Mac’s Creek Winery & Brewery |
The house rent in Lexington is between $825 – $1,299. With an average household income of $29,880, you can comfortably live in this city. A low cost of living and affordable housing has led to a population growth of 1.19% since 2020.
Lexington, situated in Dawson County, is a suburban city renowned for its historical landmarks like Fort McPherson Historic Site and the Taluran Museum & Archives.
Additionally, the town boasts numerous outdoor recreational spots such as Potter’s Pond and Duggan Park, along with a variety of retail establishments and dining options.
» Homes for Sale in Lexington, NE: Find a home in one of the cheapest places to live in Nebraska.
7. Hastings
| 🟢 Cost of Living Compared to National Average | 20.6%⬇️ |
| 🏡 Median Home Price | $175,221 |
| 💲 Median Rent | $715 |
| 🖼️ Known For | Hastings Museum |
Sacramento is one of the best places to live in Nebraska, with a slight year-over-year median home price increase of 5.6% in December 2023. The monthly cost of utilities is 11.4% lower than the national average.
Hastings is a lively city that boasts numerous entertainment options, such as museums, dining venues, retail hubs, golf courses, and cycling paths.
The Hastings Public Schools manage education in the area, comprising three elementary schools, one middle school, and one high school. These institutions, endorsed by the Nebraska Department of Education, deliver top-notch educational experiences to students residing in Hastings.
» Homes for Sale in Hastings, NE: Get yourself a home in this city.
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The Bottom Line
The cost of living in Nebraska is 9% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Nebraska, you can find affordable housing in cities like Hastings, Alliance, and McCook.
Cities like Clovis and Sacramento have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
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Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Nebraska, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
What is the cheapest place to live in Nebraska?
The cheapest place to live in Nebraska is Alliance. It offers affordable transportation, which is 23.9% lower than the state average.
» 7 Cheapest Places to Live in Nebraska: Find out the other cheapest places to live in Nebraska.
Is Nebraska the cheapest place to live in?
No, it is not. The median home value is $245,663. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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