So, you want to buy a house in Nebraska - maybe. You're in the right place, because we've compiled a sneak preview of Nebraska's housing market, just for you. We'll cover all the nitty gritty you need to know about home-buying in The Cornhusker State (doesn't that nickname just make you want to pack up and move there immediately?), and even toss in a bit of fun stuff to balance it out. Let's get rollin'.
When you start to narrow down your potential upcoming move to the specific city, it might help to know which places will need to see more or less of your money friends. We went to homesnacks.net to whip up a short list of a few in each category. Here it comes.
Most expensive cities:
Least expensive cities:
And there it is. Now you can pick the city to call your next home while keeping your financial situation in mind.
Before you get your new house in Nebraska, you might wanna know a little bit about the housing market there. We'll check out an overview in just a sec.
According to housingpredictor.com, Omaha currently has a serious housing shortage due to low inventory - it's actually at a 20-year low, as of 2018. There's also a super-quick turnover rate, meaning homes are selling crazy-fast like those Cabbage Patch dolls in the '80s. However, the state as a whole has a healthy market - and it'll stay that way as long as buyer demand keeps increasing. It's currently a seller's market, and homes spend an average of 75 days on the market. People are getting tired of renting, so home prices are predicted to keep rising as more people start buying.
Despite the current housing shortage, Omaha is still THE place to go in Nebraska. The city's even been ranked among the best places to live in the country. It's a lively urban center with a great food scene and lots of job opps. Home values here average about $166,300 currently. List prices for homes are averaging $230,000, and closing prices come to about $172,300. Renting a house costs around $1,300/month. Home values in 2018 were up 5.9% from the previous year.
Lastly, check this out - Nebraska's new construction scene isn't super happenin' right now. There is a bit of development underway along the east coast of the state, around Omaha and Lincoln. There's also a tiny bit popping up in the more central area of the state, around Kearney. So if you're dead set on a brand-new place, head to those areas first.
Awesome, so that's a bit about WHERE to start your search, but what about home values/costs? We'll check into all of that next.
To start off, zillow.com says that the average home value in the state is currently $157,800. Homes are listed on the market for an average of $205,000, and are closing for around $176,700. The price per square foot is about $137. You can rent a house for about $1,275/month. As far as home appreciation goes, values rose 6.3% in 2018, but are expected to fall about 0.3% before the end of the upcoming year.
Well that's all great, but what about apartments/condos, you say? Well, zillow.com shows that places in Lincoln are listed for an average of $911/month. In Omaha, places are listed for about $883/month. Places in Papillion are going for about $877/month. In Gretna, listings average $973/month, and in Bellevue, they're around $1,004/month.
Townhouse peeps, you're up next. As shown on zillow.com, the average range in rent for townhouses in Nebraska starts low at about $460/month for a two-bed/one-bath place, and ends with a high of about $2,150/month for a four-bed/three-bath place.
Well, you've got an idea of where to look for a place in Nebraska and about how much it'll cost, but do you know about the state's specific insurance policy requirements? Listen up: Nebraska gets a lot of visits from tornadoes. In fact, the majority of the state is located in Tornado Alley. So what does this mean for you? Well, that you'll need to review the insurance you've got, to make sure you don't need any more. Luckily most homeowners insurance policies include coverage for tornadoes, but you'll need to check out your specific policy to up your confidence level to bulletproof status.
Some policies may require you to get an additional, separate tornado insurance rider, or to specifically name tornadoes among the events that you want them to cover. Damage to your actual home and personal possessions is typically covered by a regular homeowners policy. If you're a renter, your renters insurance should cover your personal property, while your landlord should cover building damage. Your policy is also likely to provide short-term housing in case the storm is extra-nasty and leaves you temporarily homeless, which wouldn't be cool.
It's super-important that you know exactly what's covered under YOUR specific policy, because finding out that you weren't sufficiently covered AFTER a disaster is almost definitely not on your list of the most fun things ever. Don't hesitate to call up your agent with any questions you may have - even if you're the tiniest bit unsure. It's always better to ask. Trust us.
Those looking to factor in some more edu-ma-cation after they make their move might wanna know about the school system in Nebraska. So let's check that out next.
Here are some 2018 WalletHub stats about how Nebraska schools ranked in the country:
The top-rated schools in Nebraska are Elkhorn South High School, in Omaha, and the University of Nebraska, in Lincoln.
Okay great, serious stuff over - time for the fun stuff. (Woohoo!) You might be wondering why someone would even WANT to move to Nebraska at all. Well, rather than take our word for it, let's check in with some people who actually live here.
PROs (as voted by real-life Nebraskans):
CONs (also from the mouths of real Nebraskans):
Alright, so now we know a bit about WHY people might want to move to Nebraska, but WHAT will they do, once they get there? The locals were kind enough to offer up a short list of a few insider's secrets to staying entertained in this place, from parks to markets to star parties. (Yeah, you're intrigued, aren't you?)
Here are just a few of the state's coolest attractions:
Alright folks, there you have it - our super-short insider's guide to all things home buying in Nebraska. Obviously we can't act like we've touched on EVERYTHING you're concerned about when thinking over a move here (we've got some stars to gaze), but we're hoping you feel more informed than when you joined us.
If the open prairies of Nebraska are calling out to you, then you'd better hop on the next car/train/bus/Segway out there.