Nebraska Mortgage Calculator

Mortgage Calculator in Nebraska

The median home price in Nebraska is $230,000, which is 45% below the national average of $420,000. Nebraska's effective property tax rate of 1.73% is 0.63 percentage points higher than the national average of 1.1%.

Metric	Nebraska (NE)	National Avg	vs National Average
Median Home Price	$230,000	$420,000	-45%
Property Tax Rate	1.73%	1.1%	+0.63%
Home Insurance (Annual)	$2,200	$2,300	-4%
State Sales Tax	5.5%	5%	+0.5%
FHA Loan Limit	$472,030	$472,030	Standard
Conforming Loan Limit	$766,550	$766,550	Standard

Homeownership in Nebraska

Nebraska has one of the highest effective property tax rates in the country at 1.73%, which is notable given that home prices remain moderate at around $230,000. The Omaha metro has seen steady price growth and provides a stable employment base in financial services (Berkshire Hathaway, TD Ameritrade, and Mutual of Omaha are headquartered here). Lincoln, as the state capital and university city, has a different demographic profile with strong rental demand.

Tips for Nebraska Homebuyers and Homeowners

• Nebraska's 1.73% effective property tax rate means the average homeowner in Omaha or Lincoln pays $3,000-$4,000+ per year -- factor this into your monthly payment calculation as it adds $250-$350 per month.
• Nebraska has a Property Tax Credit that provides some direct credit against property taxes owed -- the credit amount varies by year based on state budget; claim it through the Nebraska Department of Revenue.
• Nebraska homestead exemptions are available for veterans with 100% service-connected disability, seniors over 65 with income below $35,500, and disabled individuals -- the exemption can be 100% of taxes owed.
• Omaha's property tax burden is actually lower than the state average -- Douglas County has a higher assessed value base that spreads the tax burden, while some rural Nebraska counties have very high rates due to thin tax bases.

Nebraska Programs and Assistance

• Nebraska Investment Finance Authority (NIFA) Homebuyer Assistance Program -- provides competitive 30-year mortgage rates with down payment and closing cost assistance for first-time buyers.
• NIFA First Home Program -- the standard first-time buyer product with income and purchase price limits and DPA of up to 5% of the purchase price.
• USDA Rural Development programs are widely applicable in Nebraska given the state's large rural geography -- worth checking eligibility even for smaller cities.

Did you know? Nebraska's property tax burden is the 4th highest in the nation, yet home prices remain among the most affordable -- this unusual combination means annual tax-to-value ratios are significantly higher than states with similar home prices.