Quick facts: Falls city, NE

Quick Facts

94.7
Cost of Living
below US average
4,052
Population
10.61
Crime Rate per 1000
below US average
$40,222
Median Income
below US average
$89,900
Median House Price
above US average
$1313
Average Rent
below US average
13%
Poverty Rate
above US average
3.5%
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 $40,222.

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Income Needed to Buy

βœ“ Affordable
$28k/year
Based on $89,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($40,222) 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 $40,222
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Falls city, NE

Falls City is a small city located in Richardson County, Nebraska. As the county seat, it serves as a local hub for services and governance. Nestled near the banks of the Nemaha River, this charming town boasts a rich history, dating back to the mid-1800s. With a population of around 4,000 residents, Falls City is known for its tight-knit community and small-town charm. The city's economy is primarily driven by agriculture, manufacturing, and retail. Falls City also features several parks and recreational areas, providing residents with outdoor activities like hiking and picnicking. The Falls City Community Development Agency works to enhance local business growth and improve the overall quality of life for its residents. Cultural events and festivals are common throughout the year, fostering community spirit. The local school system, with its commitment to education, serves the youth of the area well. With its friendly atmosphere and historical significance, Falls City is a welcoming place for both residents and visitors alike.

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