Recently, while consulting with a Korean family considering a move to Omaha, we discussed home prices, and they were surprised to learn, "I thought it would be cheap in the Midwest, but I didn't expect the property taxes to be this high."

In fact, while home prices in Omaha are reasonable, the burden of property taxes is unexpectedly significant.

First, let's check the home prices. According to Zillow, the average home price in Omaha is about $260,000. With a 20 percent down payment of $52,000, the loan principal becomes $208,000. Calculating with a 30-year fixed interest rate of 6.75 percent, the monthly principal and interest payment is about $1,349.

This is where the characteristics of Nebraska come into play. The effective property tax rate in this area is about 1.61 percent, which is considerably higher than the national average. When converted to a monthly amount, this comes to about $349. Assuming an insurance premium of $2,000 per year, the monthly cost would be $167. Adding all of this together, the total monthly housing cost is approximately $1,865.

Now, let's calculate the income needed to cover this amount. Applying the DTI 28 percent rule, the required monthly income is about $6,659, which translates to an annual income of approximately $79,911.

The median household income in the Omaha area is estimated to be around $68,000, which is somewhat lower than the required annual income. Due to the relatively high property tax burden, the income threshold is slightly higher compared to other Midwestern cities. The overall median income in Nebraska is about $71,000, similar to Omaha.

Compared to nearby Lincoln, Omaha generally has higher market prices. As the largest city and economic center in Nebraska, this gap seems natural.

For Korean households, I recommend approaching this with the assumption of dual incomes. If the combined annual income is around $80,000, you can comfortably access average-priced listings. However, since property taxes are often reassessed and can increase annually, be sure to check the most recent property tax bill when selecting a property. This aspect is easy to overlook but significantly impacts total housing costs.

This data is based on estimates for the first half of 2026, and actual property taxes and loan conditions may vary depending on the county and individual credit status.