Cost of Living in Ogallala, NE

With a cost of living index of 65, Ogallala, NE is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 7% below the Nebraska state average of 72. Ogallala is a small community of 4,800 residents.

Housing costs are the biggest factor in Ogallala's cost of living. The median monthly rent is $738 (44% below the US median of $1,319), and the median home value sits at $135,500 (56% below the national median of $304,900). At current prices, the median home costs roughly 2.4x the median household income — well within traditional affordability guidelines.

The median household income in Ogallala is $55,481, which is 26% lower than the national median of $75,149. Residents spend roughly 16% 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 Ogallala. The area sees an average annual temperature of 51.3°F, with summers averaging 74°F and winters around 30°F. Annual rainfall totals 17.5 inches spread over roughly 81 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.