DECEMBER 12TH, 2018

Nebraska Mortgages

The Nebraska housing market is a small market in comparison to most states. Although by no means tiny or restrictive, the market is also doing well for its size. The US census data, which is often used to track housing trends shows that in 2002 there were a total of 738,870 housing units in Nebraska.

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The home ownership rate was 67.4% in 2000, compared with the national average that year of 66.2%. This is almost right on par with the average nationwide, which is unusual for a state like Nebraska, where home ownership is almost always around 5% higher than average. The home prices in Nebraska are tantalizingly low, with the median value for an owner occupied housing unit listed at $88,000 in the 2000 census. Compared with the nationwide average that year of $119,600 and the prospect of buying a home in Nebraska looks promising. The median household income for Nebraska is also close to the national average, at $39,250 compared with $41,994. All in all, with the near average income and below average cost of housing one would expect a greater variation in the state and national home ownership rate.

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The home ownership rate looks like it is about to grow significantly. Recently named by Forbes Magazine as one of the top 15 regions in the nation based on economic and quality of life factors, Omaha Nebraska offers a broad variety of housing styles and prices to suit all budgets.
Parenting Magazine recently ranked Omaha as one of the top ten cities in the nation for bringing up a family. It is also one of the nation’s top “eco-cities” according to tests on air and water quality, open space and population stability reports “E”, The Environmental Magazine.

The housing market continues to be robust, driven by low interest rates, an large pool of buyers and an inventory that’s continually being refreshed with new additions. Homes in fine condition generally are selling for 98 percent or more of asking price. Seller concessions for first-time home buyers are commonplace, and Low and mid-priced homes are being priced fairly aggressively by sellers. Highly priced, distinctive homes will continue to experience extended time on market, yet may represent a good buy for incoming buyers who are used to higher priced real estate markets in other areas of the country. All in all, the housing market in Nebraska is doing well and looking to continue to do so for some time.

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