Why Omaha Is One of the Best Cities for Saving Money

omaha saving money

Omaha is the second Nebraska city to make GOBankingRates’ list of the top 10 best places for saving money. GOBankingRates scored the 100 largest cities by population, rating them according to several criteria, in order to come up with the top 10. Omaha’s wealth of opportunity and low cost of living make it a great place to live, especially if you want to be able to increase your savings.

Median housing costs and the unemployment rate are low, and the median income is higher than the overall state median income for a single earner. The city’s 434,353 residents are known for being friendly and down to earth, but if you really want to get in good with them, just order a Runza and say, “Go Big Red!”

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How Much Money You Can Make in Omaha

The hometown of famous investor Warren Buffett, Omaha is a hotspot for career-minded graduates. In recent years, Forbes has ranked it as the “Best Bang-For-The Buck City,” one of the Best Cities for Young Professionals and reported that the cost of living is about 6.5 percent below the national average.

Nicknamed the “Motormouth City,” Omaha is known as the telecommunications capital of America. It’s also home to major architecture, insurance, financial, and information technology businesses. With the national average unemployment rate at 5.7 percent, Omaha’s relatively tame 4.3 percent unemployment rate means that the workforce is booming and the local economy is expanding. The city’s median income is $45,159, which is less than the national median income but can still go far because of Omaha’s low cost of living.

Low Cost of Living Means You Can Save More Money

Getting from point A to point B is simple in Omaha with well-maintained highways and low traffic even during “rush hour.” Short commutes and high employment rates led Movoto Real Estate to name Omaha the No. 1 city to raise a family in 2014. Even better news for commuters: Gas in Omaha is currently averaging $1.92 a gallon.

For a thriving city, real estate prices have yet to catch up to the national average, making it ideal for value-minded individuals and couples. The median home and condo value in Omaha is $130,400. People looking to rent will likewise find significant value with an average local monthly price of $760, which is on par with the $769-per-month national average reported by Apartment Guide.

Residents know that there’s no lack of entertainment in Omaha. From microbreweries and a robust art scene to a passionate sports culture — college football is a serious affair not just in Omaha but in Nebraska in general — there’s something for everyone. And sales tax on all that fun is a manageable 7 percent.

Why You Should Move to Omaha Now

As a booming Midwest metropolis, Omaha is likely to continue to attract new residents. A thriving center of job opportunities awaits those who are willing to relocate, and the friendly attitude of the locals can make the transition an easy one. The affordable cost of living and economic growth make Omaha one of the best places to save money and create wealth.

Survey Methodology: Cities are ranked according to the GOBankingRates indicator, which scored the 100 largest U.S. cities by population in each of the following: population, sales tax, median house/condo value, median monthly rent, median income, unemployment rate and gas prices. Each criterion was weighted equally, and scores in each category were combined to calculate final rankings.

Additional Sources: Unemployment rate — Bureau of Labor Statistics; sales tax — sale-tax.com; median home/condo price, median monthly rent, median household income and unemployment rate — City-Data.com and Zillow.com; average daily gas prices — gasbuddy.com.

Note: Official rankings are adjusted to accommodate ties — some numbers might be skipped in order to reflect a range of 1-100.

Photo credit: U.S. Army Corps of Engineers