Total monthly cost of ownership
Cost to Own a Home in Central City, Nebraska
A $158,000 home here costs
$1,454per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $62,500 a year.
A standard mortgage calculator would have told you $861. The real number is $593 higher every month, 69% more than the payment most buyers budget for.
Compare Merrick County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Central City from a five-year rolling sample, and with about 3,039 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Merrick County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Central City against Merrick County and Nebraska
| Measure | Central City | Merrick County |
|---|---|---|
| Median home value | $158,300 | $168,000 |
| Median property tax | $1,972 | $1,969 |
| Effective tax rate | 1.246% | 1.172% |
| Median gross rent | $729 | $772 |
| Population | 3,039 | 7,696 |
The weather behind that power bill
Central City sits in Merrick County, which averages a high of 85.5°F in its hottest month and a low of 13.6°F in its coldest, with 28.49" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 900 cooling and 6,229 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Merrick County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Merrick County
No other places of this size are published in Merrick County.
Full Merrick County cost breakdown · Every county in Nebraska
Talk to someone who works this market
These are Central City averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Central City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Central City I already own here and may sell
Common questions
How much does it cost to own a home in Central City?
A $158,000 home in Central City, Nebraska costs approximately $1,454 per month with 20% down at 7.24%. That is $861 principal and interest, $164 property tax, $99 homeowners insurance, $197 utilities and $132 set aside for maintenance.
What is the property tax rate in Central City?
Central City has an effective property tax rate of 1.246%, based on a median home value of $158,300 and median real estate taxes of $1,972. That is higher than the Merrick County average of 1.172%.
What is the average home price in Central City?
The median owner-occupied home value in Central City, Nebraska is $158,300, against $168,000 across Merrick County.
Is it cheaper to rent or buy in Central City?
Median gross rent in Central City is $729 a month, against $1,454 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Central City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Central City, Nebraska at today's rate takes a household income of roughly $62,500 a year. That covers the full $1,454 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Central City, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Nebraska.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.