Total monthly cost of ownership
Cost to Own a Home in Falls City, Nebraska
A $92,000 home here costs
$954per 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 $41,000 a year.
A standard mortgage calculator would have told you $502. The real number is $452 higher every month, 90% more than the payment most buyers budget for.
Compare Richardson County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Falls City from a five-year rolling sample, and with about 4,099 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 Richardson 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.
Falls City against Richardson County and Nebraska
| Measure | Falls City | Richardson County |
|---|---|---|
| Median home value | $91,900 | $96,500 |
| Median property tax | $1,441 | $1,329 |
| Effective tax rate | 1.568% | 1.377% |
| Median gross rent | $713 | $692 |
| Population | 4,099 | 7,797 |
The weather behind that power bill
Falls City sits in Richardson County, which averages a high of 88.1°F in its hottest month and a low of 16.7°F in its coldest, with 34.71" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 1,238 cooling and 5,541 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Richardson County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Richardson County
No other places of this size are published in Richardson County.
Full Richardson County cost breakdown · Every county in Nebraska
Talk to someone who works this market
These are Falls 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 Falls City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Falls City I already own here and may sell
Common questions
How much does it cost to own a home in Falls City?
A $92,000 home in Falls City, Nebraska costs approximately $954 per month with 20% down at 7.24%. That is $502 principal and interest, $120 property tax, $58 homeowners insurance, $197 utilities and $77 set aside for maintenance.
What is the property tax rate in Falls City?
Falls City has an effective property tax rate of 1.568%, based on a median home value of $91,900 and median real estate taxes of $1,441. That is higher than the Richardson County average of 1.377%.
What is the average home price in Falls City?
The median owner-occupied home value in Falls City, Nebraska is $91,900, against $96,500 across Richardson County.
Is it cheaper to rent or buy in Falls City?
Median gross rent in Falls City is $713 a month, against $954 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 Falls City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Falls City, Nebraska at today's rate takes a household income of roughly $41,000 a year. That covers the full $954 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Falls 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.