Renting vs Buying in Omaha

Omaha Real Estate Expert - Mike Beacom

Want to sell your home? Get a FREE home value report

Want to buy a home? Search all homes for sale

There are both advantages and disadvantages to home ownership in Omaha. We are very lucky to have a median income of $50,000 and a very low unemployment rate of 3%.

If we take a rental allowance of $1,100 we all probably know what that could get us. A two-bedroom apartment with 800-1000 sq. ft. This is a terrific deal compared to other parts of the nation, but you’re still paying someone else’s mortgage.

If you look at purchasing a home, you could buy a $150,000 home and pay roughly the same amount on a monthly mortgage for a 30-year loan. This could allow you to buy a three-bedroom, two-bathroom, two-car garage home with 1,500 to 1,800 sq. ft.

So, which living situation sounds better when you’re paying the same amount? Keep in mind that when you buy a house, your monthly mortgage payments are pretty much going right back into your pocket. This means that you will no longer be throwing your money away towards rental payments.

To put 5% down on a $150,000 home, you would only need $7,500 and you’re in! It’s that easy. I recommend that you speak with a lender as soon as possible to jumpstart this process. I know of a lot of great local lenders, and all you need to do is ask about them!