Those who are thinking about relocating to Omaha, NE are not alone. There is something for everyone in Nebraska's largest city. The city was also a top destination for young professionals, families, and retirees. This fast-growing city is also one of the best places to live in the Midwest and one of the best places to live in America. Once the western frontier's gateway, Omaha has evolved into a thriving metropolis.
Quick Facts
- Omaha is in the Midwestern United States on the Missouri River.
- Omaha has an average household income of $82,945 and a poverty rate of 11.99%.
- In recent years, the median rental cost has been $948 per month, with a median house value of $270k.
- Omaha is growing at a rate of 1.56% per year, and its population has increased by 3.17% since the last census.
- Omaha has a population of 501,469.
Omaha, NE in a Nutshell
Omaha has long been a hub of activity. It was the easternmost point of the first transcontinental railroad in the mid-1800s. Today, Omaha is famous for being a flyover city due to its central location in the country. But, those who live in Omaha understand that there is more to the city than most outsiders realize. Omaha is the state capital of Nebraska. It serves as the hub for a group of 30 townships and communities known as "Greater Omaha." It also spans two states and eight counties. Omaha has grown over time, incorporating eleven different incorporated areas into its borders. Although Omaha has a population of over 400,000 people, the Greater Omaha area has over 900,000 people. According to statistics, residents in the area of Omaha have an 11.99% poverty rate. Affordability and a strong economy entice young professionals. But safety, educational opportunities, and family-friendly activities attract those with children.
Economy
Omaha scores a 90 on the same cost of living scale that puts average America at an even 100. It is one city sure to deliver a great bang for your buck. The most significant savings come from utilities, transportation, and housing. According to USA Today, Omaha is the eighth largest city in the United States. Omaha is large by the amount of Fortune 500 companies and per-capita billionaires. Remember, this is Warren Buffet's home. Offutt Air Force Base, CHI Health, and Omaha Public Schools are the largest employers. ConAgra Foods, tech-based companies such as LinkedIn and PayPal, are also in Omaha. Insurance companies like MetLife and Mutual of Omaha also have offices in the city. There are many places in Omaha where people can find work with good benefits and pay. Not to mention that this Nebraska hub is home to the First National Bank of Omaha. It is the largest privately-owned bank in the United States. The city also has several tech companies, such as Buildertrend and Hudl. Omaha's consistent performance is due to its strong economic foundation.
Employment
The job market is an essential factor to consider for those who are thinking of moving to Omaha. For those who already have a job lined up, consider other factors. Understanding the major employers and the economy can make or break the decision to move. It is no surprise that Buffett lives in one of the most recession-proof cities in the United States. As stated, Omaha has a 3.4% unemployment rate. This rate is much lower than the national average. That is most likely due to the allure Omaha holds for large corporations. These companies usually want to move to a city with a little more breathing room. Of course, finding work at one of these established, successful businesses can be easy. But Omaha is also very open to new ventures. Professionals in either field can expect various job options and opportunities. It is due to the number of hospitals, health care options, and school districts.
Real Estate in Omaha, NE
Those considering moving to Omaha, NE should be aware of the state of its local real estate market. Even those who intend to rent may someday want to buy their own home or investment property. Omaha is always on the move. So it does not matter if people are looking for a charming Victorian-style home or a more modern abode. There are many beautiful homes for sale in the area at all price points. Different communities provide a wide range of options for home buyers and renters. The median home price in Omaha is around $160,000. In total, the national average is 11.4% more expensive than Omaha. So, it is far more affordable than Colorado or California. The housing market is very competitive. Houses usually receive many offers and go under contract within a week. According to statistics, 57% of Omaha residents are homeowners rather than renters. Those looking to invest in rental units or flip houses will find Omaha an excellent market to enter. The potential for massive profits in flipping houses in a few years is very real. Many other markets cannot match it for the exact initial investment cost.
Real Estate Trends
The cost of housing considers insurance costs as well as the median home and rental prices in a city. The housing index rates Omaha at 77. So, it is five points higher than the state average but 23 points lower than the national average. Omaha's housing costs less than Bennington, where it is at 86. But, it is more expensive than Council Bluffs, which is at 67. Omaha's housing market is very competitive. There are usually many offers from different prospective buyers. Those considering moving should not put off their search for their dream home for too long. According to Redfin data, the Omaha housing market is not very competitive. As mentioned, most homes receive many offers, often with waived contingencies. The average home sells for about 5% more than the asking price and goes pending in about five days. But hot listings can sell for 11% more than the asking price and go pending in 3 days or less. Elkhorn, West Omaha, Millard, Dundee, and Newman Village are all popular neighborhoods.
Final Thoughts
Omaha, NE makes "best of" lists in almost every category. It also made National Geographic's list of the 30 best cities in the United States. Plus, it was on the U.S. News' list of the best places to live. There are so many reasons why many are fortunate to live here that they cannot list them all. Of course, there will always be some drawbacks in any city. But Omaha, located in Nebraska's far eastern region near the Iowa border, is full of surprises.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.