Cost of Living in Phillips, NE

With a cost of living index of 64, Phillips, NE is one of the most affordable cities in the country. Living here is 36% cheaper than the national average and 8% below the Nebraska state average of 72. Phillips is a small community of 376 residents.

Housing costs are the biggest factor in Phillips's cost of living. The median monthly rent is $695 (47% below the US median of $1,319), and the median home value sits at $140,400 (54% below the national median of $304,900). At current prices, the median home costs roughly 1.8x the median household income — well within traditional affordability guidelines.

The median household income in Phillips is $78,750, which is 5% higher 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.

Climate is another factor for anyone considering a move to Phillips. 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.

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.