How Much Will Your Mortgage Be in Nebraska?
Looking to buy real estate in Nebraska? Each state is different when it comes to housing trends, taxes, and the strength of the local economy, among other variables, which means it pays to consider multiple factors before deciding whether or not to purchase property.
New American Funding has put together a list of major aspects influencing home buying in Nebraska so you know everything you need to prior to getting a mortgage. Our Nebraska mortgage calculator can give you a clear picture of just how much home you can afford in Nebraska, so make sure you take advantage of this extremely helpful feature. If you want to move to Nebraska, see First-time Homebuyer Guide for Nebraska. Also, see FHA Loan in Nebraska for details and requirements for a home in the state.
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Factors That Can Affect Your Nebraska Mortgage Calculations
Home Prices in Nebraska
Home values have seen a 5% increase over the past year in Nebraska, according to information gathered by Zillow. The median price of homes currently listed in the state is $199,950 while the median price of homes that sold is $188,400.
Omaha is the most populous city in the state with close to half a million residents. Omaha is in the eastern region of the state. Omaha home values have risen 6.7% over the past year. The median price of homes currently listed is $225,000 with a median sale price of $199,800.
Just south of Omaha is Bellevue, where homes can be more expensive. The median listing of a home in Bellevue is $252,500. Homes have an average sale price of $198,500. Bellevue has not experienced the same level of growth that Omaha’s housing market has. However, home prices have gone up 4.9% over the past year.
Lincoln is the second-most populous city in Nebraska. Home values have seen a rise of 3.2% over the past year in Lincoln. Homes have a current median listing of $247,925 and median sale price of $189,500.
Property Taxes in Nebraska
Although Nebraska boasts an affordable housing market, their property tax rates are the eighth highest in the country. The effective rate is 1.80%, far above the national average of 1.08%. Rates vary between counties with some counties charging over 2%. The median annual property tax payment for Nebraskans is $2,565.
Nebraska Job Stats to Consider
Nebraska’s economy is dominated by agriculture. Hogs, cattle, corn, soybeans, and wheat are the main products of the state. Other key economic sectors include freight transport, manufacturing, telecommunications, information technology, and insurance.
The median household income according to the 2018 Census was $59,116 with 4.5% of households in Nebraska earning over $200,000 per year.
Nebraska has personal income tax brackets ranging from 2.46% to 6.84% with several deductions and credits that lower the tax burden for many payers. The state sales tax is 5.5% with local counties collecting up to 2.5% more.
Job Stats (Civilian Labor Force, Employment, Unemployment)
Other Nebraska Costs That Can Affect Nebraska Mortgage Calculations
Homeowner’s Insurance in Nebraska
Nebraska is the 13th most expensive state for homeowner’s insurance. Residents in the state can expect to pay about $1,259 annually for a decently priced premium. This is because the state is prone to thunderstorms, rain, flooding, hail, and snowstorms. Most standard policies will cover damage caused by these. However, an additional policy will be needed for flood insurance. This can be purchased through the National Flood Insurance Program (NFIP). The average cost of a flood insurance policy in Nebraska is $998 per year.
Closing costs in Nebraska typically fall between 1.01% and 2.02% of the final home sales price. Since most homes sell between $100,000 and $200,000, homeowners can expect to pay $1,008 to $4,034 in closing costs after taxes. The average Nebraskan pays approximately $2,017 after taxes in closing costs.
When buying a property, it is important to make a one-time purchase of title insurance. This protects the owner and mortgage lender against any future unforeseeable claims that might occur regarding the property’s title. These claims may be overlooked at the time of purchase and arise in the future. Your lender will usually require a policy that equals the amount of the loan. The nationwide average cost for title insurance is $1,000.
Home inspections are an important part of the buying process to ensure the property is structurally sound. The average cost of a home inspection in Nebraska is $285 for a 2,000-square-foot home. However, final costs will vary greatly depending on location and square footage of the home.
Inspectors will assess the foundation, roof, basement, plumbing, electrical, grounds, fireplaces, and heating and cooling systems of a home for safety and code violations. At an additional cost, other tests including termites, pests, mold, and radon can be carried out.