CALCMONEY // HOME AFFORDABILITY // NE // OMAHA
How much house can you afford in Omaha? Based on local median home prices, current NE mortgage rates, and Omaha property tax data.
$255,000
$1,824/mo
$78,182/yr
$210,136
Monthly housing costs of $1,824 represent 32.2% of Omaha's median gross monthly income ($5,667/mo). At 32.2%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $255,000 |
| Down Payment (20%) | $51,000 |
| Loan Amount | $204,000 |
| Monthly PI Payment | $1,350 |
| Monthly Property Tax | $368 |
| Monthly Insurance Est. | $106 |
| Total Monthly PITI | $1,824 |
| Housing Cost % of Income | 32.2% |
| Required Income (28% rule) | $78,182/yr |
| Max Affordable Home | $210,136 |
$8,925
$2,277/mo
Omaha Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $255,000 | Omaha city median |
| Down Payment (20%) | $51,000 | Conventional loan |
| Monthly PITI | $1,824 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $78,182 | Annual gross |
| Max Affordable Home | $210,136 | Based on median income |
| FHA Down (3.5%) | $8,925 | Minimum FHA |
| Housing Cost % of Income | 32.2% | Median income: $68,000/yr |
| Property Tax Rate | 1.73% | $4,412/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Omaha is $255,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $204,000, generating a monthly P&I payment of $1,350. Adding property taxes ($368/mo) and homeowners insurance ($106/mo) brings total monthly PITI to $1,824.
Omaha's property tax rate of 1.73% is near the national average, adding a standard increment to monthly housing costs. On the Omaha median home, that is $368/month, or $4,412 per year.
Nebraska levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Omaha should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Omaha's median income of $68,000/year can afford up to $1,587/month in total housing costs. Based on Omaha's mortgage rate of 6.95% and property tax rate of 1.73%, that translates to a maximum affordable home price of approximately $210,136 with 20% down on a 30-year loan.
To afford the median Omaha home priced at $255,000, you need an annual gross income of approximately $78,182. Total monthly housing costs (principal and interest of $1,350, property taxes of $368, and insurance of $106) come to $1,824/month, which equals 28% of the required income.
At the median home price of $255,000 and median household income of $68,000, the total monthly housing cost of $1,824 represents 32.2% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Omaha home of $255,000 is $51,000. An FHA loan requires just 3.5% down — $8,925 — but adds mortgage insurance of roughly $174/month, bringing total FHA payments to $2,277/month.
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