Cost of Living in Callaway, NE

With a cost of living index of 63, Callaway, NE is one of the most affordable cities in the country. Living here is 37% cheaper than the national average and 10% below the Nebraska state average of 72. Callaway is a small community of 608 residents.

Housing costs are the biggest factor in Callaway's cost of living. The median monthly rent is $585 (56% below the US median of $1,319), and the median home value sits at $157,600 (48% below the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Callaway is $50,938, which is 32% lower than the national median of $75,149. Residents spend roughly 14% 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 Callaway. The area sees an average annual temperature of 50.2°F, with summers averaging 73°F and winters around 28°F. Annual rainfall totals 22.9 inches spread over roughly 93 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.