Cost of Living in Farwell, NE

With a cost of living index of 75, Farwell, NE is a very affordable place to live. Living here is 25% cheaper than the national average and 3% above the Nebraska state average of 72. Farwell is a small community of 71 residents.

The median household income in Farwell is $58,125, which is 23% lower than the national median of $75,149. 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 Farwell. The area sees an average annual temperature of 51.8°F, with summers averaging 75°F and winters around 28°F. Annual rainfall totals 26.6 inches spread over roughly 90 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Grand Island, NE (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.