What Is the Cost of Living in Omaha, Nebraska?

The cost of living refers to the expenses required to maintain a certain standard of living in a specific location. Understanding the cost of living in Omaha, Nebraska, involves examining the economic environment there. This allows individuals to gauge how their income aligns with the expenses of daily life in the city. Factors like housing, transportation, and daily necessities contribute significantly to this overall cost.

Housing Costs

Housing expenses typically represent a substantial portion of an individual’s budget. In Omaha, the median sale price for a home was approximately $285,000 as of last month, which marks a 1.8% increase from the previous year. The average home value in Omaha is about $291,349, reflecting a 1.4% increase over the past year.

Rental costs vary depending on the size of the property. A single person in Omaha can expect to pay around $850 to $900 per month for rent, while a family of four might see rents up to $1,500. Some one-person apartments may be available for as low as $700. The average monthly rent in Omaha is reported to be about $1,310.

Property taxes in Nebraska are generally higher compared to the national average. The median effective property tax rate in Omaha, specifically Douglas County, is around 1.93%, which is higher than the national median of 1.02%. This translates to a median annual tax bill of approximately $3,889 in Omaha. Homeowner’s insurance in Omaha also tends to be higher than the national average, with typical rates around $269 per month, or about $3,228 to $4,592 per year, depending on coverage levels and specific providers.

Transportation Expenses

Costs associated with transportation in Omaha include car ownership and public transit options. The average gas price in Omaha was around $2.85 per gallon as of early August, which is slightly lower than the Nebraska state average of $2.95. These prices can fluctuate based on global oil markets and local demand.

Car insurance premiums in Omaha are generally higher than the Nebraska state average. For full coverage, the average cost is around $173 per month, while liability-only insurance averages about $95 per month. This compares to a statewide average of $153 per month for full coverage and $77 for liability-only. Factors like ZIP code, driving record, and vehicle type can influence individual rates.

Omaha offers public transportation through Omaha Metro. A monthly pass for public transit typically costs around $50. Individual bus tickets generally cost a few dollars. Ride-sharing services are also available, with costs varying based on distance, time of day, and demand.

Daily Necessities

Regular household expenses for daily necessities contribute to the overall cost of living. Grocery costs in Omaha are comparable to national averages, with residents paying around $480 per person monthly for groceries. Specific item costs include a bottle of milk at approximately $4.87, a dozen eggs for about $3.22, and a pound of potatoes around $4.13.

Utility costs in Omaha are generally lower than the national average. A single person’s utility bill might range from $110 to $170 per month. For a typical household, monthly utilities, including electricity, natural gas, water, sewage, and internet services, could average around $324.

Personal care expenses, such as toiletries and haircuts, are part of routine spending. Dining out costs vary, but an average meal at a casual restaurant could be around $15-$25 per person, while mid-range establishments would be higher.

Healthcare and Personal Expenses

Healthcare costs in Omaha are a component of the overall cost of living. The average monthly premium for a benchmark health plan in Nebraska is around $600, although this can vary significantly based on the plan tier, age, and income. Some bronze plans can be as low as $215 per person monthly, while silver and gold plans average around $870 to $900. Doctor visit co-pays and prescription medication costs depend on individual insurance plans and specific medical needs.

Childcare expenses can be a significant cost for families. The average cost for full-time daycare in Omaha is approximately $983 per month. For in-home childcare, the average starting cost is about $18.31 per hour, translating to roughly $732 for a 40-hour week or $2,380 per month. These costs can fluctuate based on the type of care and specific provider.

Other personal expenses include entertainment and recreation. A movie ticket for an adult can cost around $8.00, with matinee showings often priced lower at $6.00. Gym memberships vary widely by facility but typically range from $30 to $60 per month. Costs for local attractions and miscellaneous spending like clothing and household items also contribute to overall personal expenses.