Cost of Living in Wallace, NE

With a cost of living index of 62, Wallace, NE is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 10% below the Nebraska state average of 72. Wallace is a small community of 272 residents.

Housing costs are the biggest factor in Wallace's cost of living. The median monthly rent is $725 (45% below the US median of $1,319), and the median home value sits at $101,500 (67% 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 Wallace is $55,625, 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 Wallace. The area sees an average annual temperature of 50.2°F, with summers averaging 72°F and winters around 29°F. Annual rainfall totals 21.5 inches spread over roughly 77 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.