Cost of Living in Omaha, IL

With a cost of living index of 58, Omaha, IL is one of the most affordable cities in the country. Living here is 42% cheaper than the national average and 22% below the Illinois state average of 80. Omaha is a small community of 276 residents.

Housing costs are the biggest factor in Omaha's cost of living. The median monthly rent is $675 (49% below the US median of $1,319), and the median home value sits at $44,600 (85% below the national median of $304,900). At current prices, the median home costs roughly 0.7x the median household income — well within traditional affordability guidelines.

The median household income in Omaha is $63,750, which is 15% lower than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Omaha. The area sees an average annual temperature of 57.2°F, with summers averaging 77°F and winters around 36°F. Annual rainfall totals 47.9 inches spread over roughly 118 days.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.