Side-by-side comparison of home prices, mortgage payments, and housing costs between Lincoln and Omaha, Nebraska. Using Nebraska's 1.73% property tax rate and $2,800/year insurance. Updated for 2026.
Lincoln edges out Omaha in affordability, saving you roughly $75/month on total housing costs. Both cities are in Nebraska, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Nebraska's 1.73% property tax rate.
Buying in Lincoln saves you approximately $75/month ($900/year) compared to Omaha, based on median home prices with identical loan terms.
Lincoln is the better choice for first-time buyers, with a median price of $265K versus $275K in Omaha. That's $10K less to save for a down payment. You'd need roughly $9K for an FHA 3.5% down payment in Lincoln, compared to $10K in Omaha. Nebraska offers the NIFA Homebuyer Assistance program (Up to 5% DPA) which applies in both cities.
Omaha has the better price-to-rent ratio at 19.4x versus 19.7x in Lincoln. A lower ratio generally signals better rental income relative to purchase price. Average rent in Omaha is $1,180/month on a $275K median home, making it a stronger candidate for buy-and-rent investors.
Omaha (pop. 486,051) offers more amenities, schools, and services typical of a larger city, while Lincoln (pop. 291,082) may offer a quieter, more community-oriented lifestyle. Families on a budget may prefer Lincoln, where lower housing costs free up more income for childcare, education, and savings.