Cost of Living in Fairmont, NE

With a cost of living index of 56, Fairmont, NE is one of the most affordable cities in the country. Living here is 44% cheaper than the national average and 16% below the Nebraska state average of 72. Fairmont is a small community of 584 residents.

Housing costs are the biggest factor in Fairmont's cost of living. The median monthly rent is $627 (52% below the US median of $1,319), and the median home value sits at $65,000 (79% below the national median of $304,900). At current prices, the median home costs roughly 1x the median household income — well within traditional affordability guidelines.

The median household income in Fairmont is $67,404, which is 10% lower than the national median of $75,149. Residents spend roughly 11% 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 Fairmont. The area sees an average annual temperature of 51.5°F, with summers averaging 74°F and winters around 28°F. Annual rainfall totals 29.5 inches spread over roughly 100 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.