The 10 Most Affordable Places to Live in Nebraska

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By Michael Yessis Updated June 13, 2024
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Edited by Ashley Simon

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The 69101 zip code in North Platte tops our ranking of the most affordable places to live in Nebraska.

We looked at 60 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.  

Top 10 most affordable places to live in Nebraska

RankCity Affordability Score Median home valueRental costs
1North Platte 🥇100$190,411$952
2Lexington🥈99.9$183,097$1,329
3Scottsbluff 🥉98.3$169,768$1,329
4Gering97.9$189,453$1,329
5Hastings94.9$187,677$1,329
6Omaha93.6$177,710$1,030
7Beatrice93.2$171,453$1,329
8South Sioux City91.8$207,480$1,329
9Lincoln90.6$231,894$894
10Bellevue89.8$241,252$1,329
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1. North Platte

Here's why the 69101 zip code in North Platte is Nebraska's most affordable place to live.

🔎 Key data about North Platte

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 100 No. 1N/A
Median home value $190,411[1]No. 12 -$85,231.93
Home affordability ratio 3.1No. 11-0.4
Home value five-year change 30.8%[2]No. 1-14.8%
Home value one-year forecast -2.3%[3]No. 3-1.1%
Rental costs $952[4]No. 3-$377
Rent affordability ratio 1.57%No. 16-0.1%
Median household income $60,724[5]No. 46-$16,677
Property taxes $2,737[6]No. 19-$1,024
Energy costs $0.14 kWh[7]No. 1$0.00
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North Platte's 69101 zip code is the cheapest place to live in Nebraska, leading the 60 markets we evaluated. 

The median home value is $190,411, making it the 12th-cheapest housing market in the state. Forecasts project a -2.3% change in home values in the next year. Rent in the zip code averages $952 per month, which is the 16th cheapest amount in Nebraska.

The median property tax for homeowners in North Platte is $2,737 per household, the No. 19 ranked market in Nebraska. 

Residents pay $0.14 per kWh of electricity, which ranks No. 1 among Nebraska markets.

2. Lexington

The 68850 zip code is the 2nd-cheapest place to live in Nebraska.

🔎 Key data about Lexington

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 99.9No. 2N/A
Median home value $183,097[8]No. 7-$92,545.48
Home affordability ratio 2.7No. 2-0.8
Home value five-year change 43.9%[9]No. 20-1.7%
Home value one-year forecast -1.3%[10]No. 21-0.1%
Rental costs $1,329[11]No. 24$0
Rent affordability ratio 1.72%No. 230.0%
Median household income $66,875[12]No. 34-$10,526
Property taxes $1,778[13]No. 2-$1,983
Energy costs $0.14 kWh[14]No. 1$0.00
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Lexington's 68850 zip code has a median home value of $183,097, which is the 21st-cheapest housing market in Nebraska. You can rent for an average of $1,329 per month. That's the 24th-cheapest price in the state.

The average household income in the zip code is $66,875, which ranks 34th-highest in the state. 

Homeowners in Lexington pay a median property tax of $1,778 per year, making it the 2nd-most affordable market in Nebraska.

Lexington ranks No. 1 among Nebraska energy markets. You'll pay $0.14 per kWh of electricity.

3. Scottsbluff

The 3rd-cheapest place to live in Nebraska is Scottsbluff's 69361 zip code.

🔎 Key data about Scottsbluff

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 98.3No. 3N/A
Median home value $169,768[15]No. 3-$105,874.11
Home affordability ratio 3.0No. 5-0.6
Home value five-year change 39.3%[16]No. 10-6.3%
Home value one-year forecast -1.4%[17]No. 19-0.2%
Rental costs $1,329[18]No. 24$0
Rent affordability ratio 1.72%No. 230.0%
Median household income $57,188[19]No. 50-$20,213
Property taxes $2,212[20]No. 8-$1,549
Energy costs $0.14 kWh[21]No. 1$0.00
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The No. 3 cheapest housing in Nebraska is Scottsbluff's 69361 zip code, with a median home value of $169,768. Rents in the market average $1,329 per month, making it the 24th-most affordable rental market in the state.

The median property tax for households in Scottsbluff is $2,212, which makes it the 8th-cheapest place in Nebraska. Scottsbluff ranks No. 1 among Nebraska markets by energy costs. Residents pay $0.14 per kWh of electricity.

4. Gering

The 69341 zip code in Gering comes in at No. 4 on our list of the cheapest places to live in Nebraska.

🔎 Key data about Gering

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 97.9No. 4N/A
Median home value $189,453[22]No. 11-$86,189.20
Home affordability ratio 2.9No. 4-0.7
Home value five-year change 38.5%[23]No. 8-7.1%
Home value one-year forecast -1.3%[24]No. 21-0.1%
Rental costs $1,329[25]No. 24$0
Rent affordability ratio 1.72%No. 230.0%
Median household income $65,750[26]No. 37-$11,651
Property taxes $2,552[27]No. 12-$1,209
Energy costs $0.14 kWh[28]No. 1$0.00
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The No. 11 cheapest housing market in Nebraska is Gering's 69341 zip code, where the median home value is $189,453. Renters here pay an average of $1,329 per month. 

When it comes to energy costs, Gering ranks 1st among Nebraska markets. Residents pay $0.14 per kWh of electricity.

The median property tax for households in the zip code is $2,552, which makes it the 12th-cheapest market in Nebraska.

5. Hastings

The 68901 zip code in Hastings ranks No. 5 among Nebraska's most affordable places to live.

🔎 Key data about Hastings

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 94.9No. 5N/A
Median home value $187,677[29]No. 8-$87,965.12
Home affordability ratio 3.2No. 12-0.4
Home value five-year change 42.1%[30]No. 15-3.5%
Home value one-year forecast -1.3%[31]No. 21-0.1%
Rental costs $1,329[32]No. 24$0
Rent affordability ratio 1.72%No. 230.0%
Median household income $59,579[33]No. 47-$17,822
Property taxes $2,590[34]No. 14-$1,171
Energy costs $0.14 kWh[35]No. 1$0.00
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Hastings's 68901 zip code has a median home value of $187,677, the 8th-cheapest market in the state. Forecasts project a -1.3% change in home values in the next year. 

The median property tax per household in Hastings is $2,590. It's the 14th-cheapest market by tax rate in Nebraska.

6. Omaha

The No. 6 most affordable place to live in Nebraska is the 68107 zip code.

🔎 Key data about Omaha

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 93.6No. 6N/A
Median home value $177,710[36]No. 5-$97,932.14
Home affordability ratio 3.1No. 10-0.4
Home value five-year change 63.0%[37]No. 5817.4%
Home value one-year forecast -0.9%[38]No. 270.3%
Rental costs $1,030[39]No. 6-$300
Rent affordability ratio 1.81%No. 430.1%
Median household income $56,760[40]No. 51-$20,641
Property taxes $2,055[41]No. 4-$1,706
Energy costs $0.14 kWh[42]No. 1$0.00
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The back half of our top 10 kicks off with Omaha's 68107 zip code, which has the 5th-cheapest home values in Nebraska. The median home value is $177,710. Rents average $1,030 per month, making it the 6th-most affordable rental market in the state.

Residents pay $0.14 per kWh of electricity. It's the 1st-cheapest energy market.

7. Beatrice

Beatrice's 68310 zip code is the 7th-cheapest place to live in Nebraska.

🔎 Key data about Beatrice

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 93.2No. 7N/A
Median home value $171,453[43]No. 4-$104,189.53
Home affordability ratio 3.2No. 13-0.4
Home value five-year change 49.1%[44]No. 403.5%
Home value one-year forecast -0.4%[45]No. 600.8%
Rental costs $1,329[46]No. 24$0
Rent affordability ratio 1.72%No. 230.0%
Median household income $53,956[47]No. 53-$23,445
Property taxes $2,200[48]No. 7-$1,561
Energy costs $0.14 kWh[49]No. 1$0.00
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You'll find the 4th-cheapest home values in Nebraska in Beatrice's 68310 zip code. The median value: $171,453. Renters in Beatrice pay an average of $1,329 per month.

Homeowners in Beatrice pay a median property tax of $2,200 per year, which is Nebraska's 7th-most affordable market.

The average household income is $53,956, which ranks 53rd-highest in the state.

8. South Sioux City

The 8th-cheapest place to live in Nebraska is South Sioux City's 68776 zip code.

🔎 Key data about South Sioux City

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 91.8No. 8N/A
Median home value $207,480[50]No. 15-$68,162.82
Home affordability ratio 3.4No. 18-0.2
Home value five-year change 50.0%[51]No. 434.3%
Home value one-year forecast -1.8%[52]No. 13-0.6%
Rental costs $1,329[53]No. 24$0
Rent affordability ratio 1.72%No. 230.0%
Median household income $61,923[54]No. 44-$15,478
Property taxes $2,585[55]No. 13-$1,176
Energy costs $0.14 kWh[56]No. 1$0.00
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The 15th-cheapest housing market in Nebraska is South Sioux City's 68776 zip code, with a median home value of $207,480. Renters pay an average of $1,329 per month, the No. 24 rental market in the state.

The median property tax for households in South Sioux City is $2,585, which makes it the 13th-cheapest place in Nebraska. The average household income of $61,923 ranks 44th.

9. Lincoln

Lincoln's 68502 zip code sneaks into the top ten of Nebraska's most affordable places to live.

🔎 Key data about Lincoln

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 90.6No. 9N/A
Median home value $231,894[57]No. 19-$43,748.67
Home affordability ratio 3.6No. 350.1
Home value five-year change 46.4%[58]No. 320.8%
Home value one-year forecast -2.0%[59]No. 4-0.8%
Rental costs $894[60]No. 2-$435
Rent affordability ratio 1.40%No. 7-0.3%
Median household income $63,792[61]No. 40-$13,609
Property taxes $3,124[62]No. 27-$637
Energy costs $0.14 kWh[63]No. 1$0.00
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The 19th-cheapest housing market in Nebraska is Lincoln's 68502 zip code, where the median home value is $231,894. Renters pay an average of $894 per month. It's the state's 2nd-cheapest rental market.

The median property tax for households within the zip code is $3,124, which makes it the 27th-cheapest property tax rate in Nebraska. 

10. Bellevue

The final spot on our list of the most affordable places to live in Nebraska goes to the 68147 zip code in Bellevue.

🔎 Key data about Bellevue

Data pointValueRank (out of 60 markets)Difference from median or average
Affordability Score 89.8No. 10N/A
Median home value $241,252[64]No. 23-$34,390.61
Home affordability ratio 3.0No. 6-0.6
Home value five-year change 59.9%[65]No. 5614.3%
Home value one-year forecast -0.8%[66]No. 310.4%
Rental costs $1,329[67]No. 24$0
Rent affordability ratio 1.72%No. 230.0%
Median household income $80,340[68]No. 21$2,939
Property taxes $3,036[69]No. 22-$725
Energy costs $0.14 kWh[70]No. 1$0.00
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The 23rd-most affordable market in Nebraska is Bellevue's 68147 zip code. The median home value is $241,252. Rent in the market costs $1,329 per month on average, making it the 24th-most affordable rental market in Nebraska.

The median property tax for households in Bellevue is $3,036, which is the 22nd-cheapest property tax rate in the state.

Bellevue ranks No. 1 among Nebraska markets by energy costs, with households paying $0.14 per kWh of electricity.

How we ranked the most affordable places in Nebraska

We evaluated 60 zip codes in Nebraska with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings. 

✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code.

Often the zip code we identify will represent an entire city or portion of a city. 

Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location. 

If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.

Methodology: What is an Affordability Score?

Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.

  • Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in Nebraska, the higher our score on this component. We assign a weight of 23.8% to median home value.
  • Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 23.8% to the home affordability ratio.
  • Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 4.8% to the home value five-year change.
  • Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 4.8% to the home value one-year forecast.
  • Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 11.9% to rental costs. 
  • Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 4.8% to median household income.
  • Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 11.9% to the rent affordability ratio.
  • Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the Nebraska average, the higher our score on this component. We assign a weight of 7.1% to property taxes. 
  • Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the Nebraska average, the higher our score on this component. We assign a weight of 7.1% to energy costs.  

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Authors & Editorial History

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