Quick facts: Elgin, NE

Quick Facts

94.7
Cost of Living
below US average
707
Population
14.14
Crime Rate per 1000
below US average
$51,806
Median Income
below US average
$155,000
Median House Price
above US average
$1313
Average Rent
below US average
6%
Poverty Rate
below US average
2.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $51,806.

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Income Needed to Buy

βœ“ Affordable
$49k/year
Based on $155,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($51,806) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$56k/year
Based on $1313/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $56k vs median $51,806
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Elgin, NE

Elgin, Nebraska, is a small, welcoming community located in Antelope County. With a population of around 1,400 residents, this charming town boasts a strong sense of community and a rich agricultural heritage. Elgin is surrounded by picturesque landscapes that showcase the beauty of the Nebraska plains, making it a peaceful retreat for those who enjoy nature and outdoor activities. The town offers a range of amenities including local shops, restaurants, and parks, providing residents with a cozy small-town feel. Educational opportunities are primarily served by the Elgin Public School system, which emphasizes quality education and community involvement. Elgin is also known for its annual events and community gatherings that bring people together, fostering a close-knit atmosphere. Overall, Elgin’s blend of rural charm, community spirit, and scenic beauty makes it a delightful place to live or visit in Nebraska.

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