Buying a Home in Nebraska: What You Need to Know
If you're considering buying a home in Nebraska, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Nebraska homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Nebraska-specific data to give you accurate monthly payment estimates.
Nebraska Property Taxes
Nebraska has an effective property tax rate of 1.43%, ranking #4 out of 50 states (where #1 is the highest). On a median-priced home of $289,000, you'd pay approximately $4,133 per year in property taxes, or about $344/month.
Nebraska is among the states with the highest property taxes in the nation. This is often because property taxes fund local schools and services. Be sure to factor this into your budget when determining how much home you can afford.
Nebraska Homeowners Insurance
The average annual homeowners insurance premium in Nebraska is $6,587 for $300,000 in dwelling coverage, or about $549/month.
Nebraska has some of the highest insurance costs in the country. This is typically due to weather-related risks such as hurricanes, tornadoes, hail, or wildfires. Consider shopping multiple insurers and asking about discounts for security systems, new roofs, or bundling policies.
Nebraska Closing Costs
Closing costs in Nebraska average 0.74% of the home's purchase price. On a $289,000 home, that's approximately $2,139. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Nebraska Housing Market
The median home price in Nebraska is $289,000. This is below the national median of approximately $410,000, making Nebraska one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Nebraska Mortgage Tools
Use these additional calculators to plan your Nebraska home purchase: