Total monthly cost of ownership
Cost to Own a Home in Lincoln, Nebraska
A $248,000 home here costs
$2,153per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,275. The real number is $878 higher every month — 69% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lincoln against Lancaster County and Nebraska
| Measure | Lincoln | Lancaster County |
|---|---|---|
| Median home value | $248,200 | $258,900 |
| Median property tax | $3,898 | $4,055 |
| Effective tax rate | 1.571% | 1.566% |
| Median gross rent | $1,045 | $1,045 |
| Population | 291,932 | 323,673 |
The weather behind that power bill
Lincoln sits in Lancaster County, which averages a high of 89.4°F in its hottest month and a low of 14.4°F in its coldest, with 29.34" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 1,270 cooling and 5,856 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Lancaster County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lancaster County
Full Lancaster County cost breakdown · Every county in Nebraska
Common questions
How much does it cost to own a home in Lincoln?
A $248,000 home in Lincoln, Nebraska costs approximately $2,153 per month with 20% down at 6.66%. That is $1,275 principal and interest, $325 property tax, $156 homeowners insurance, $190 utilities and $207 set aside for maintenance.
What is the property tax rate in Lincoln?
Lincoln has an effective property tax rate of 1.571%, based on a median home value of $248,200 and median real estate taxes of $3,898. That is in line with the Lancaster County average of 1.566%.
What is the average home price in Lincoln?
The median owner-occupied home value in Lincoln, Nebraska is $248,200, against $258,900 across Lancaster County.
Is it cheaper to rent or buy in Lincoln?
Median gross rent in Lincoln is $1,045 a month, against $2,153 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lincoln — 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.