Nebraska’s most affordable neighborhoods reveal striking geographic concentration and modest but steady appreciation patterns, according to Zillow Home Value Index data tracking neighborhood values through November 2024. An overwhelming 22 of the 25 least expensive neighborhoods are located in Omaha, with 19 of those specifically in North Omaha, while Lincoln contributes just three neighborhoods – Everett, North Bottoms, and South Salt Creek. The price range remains remarkably tight, from Central Park at $117,437 to Walnut Hill at $171,388, with all neighborhoods showing consistent annual appreciation of 4-5% from 2023 to 2024. This pattern of steady growth stands in contrast to more volatile price changes in the state’s higher-end neighborhoods (see the most expensive suburbs in Nebraska), suggesting increasing market stability in traditionally affordable areas. Perhaps most notably, neighborhoods with strong institutional anchors – like those near Metropolitan Community College’s Fort Omaha campus, the University of Nebraska-Lincoln, or major employment centers – show particular resilience, maintaining steady appreciation despite their lower price points.
1. Walnut Hill (Omaha)
Located in central Omaha, Walnut Hill is a historic neighborhood known for its mix of early 20th century homes and post-war construction. The area sits between Cuming Street and Hamilton Street, offering easy access to both downtown and midtown Omaha.
Property values show modest but steady growth from $164,809 in 2023 to $171,388 in November 2024, representing a 4% annual increase. This appreciation rate suggests growing market stability in one of Omaha’s more affordable established neighborhoods.
2. Everett (Lincoln)
Situated in central Lincoln, Everett offers a blend of historic homes and smaller post-war houses. The neighborhood’s proximity to downtown Lincoln and the University of Nebraska campus makes it popular with both students and working professionals.
Home values increased from $159,635 in 2023 to $167,227 in November 2024, showing a 4.8% appreciation. This growth rate indicates sustained demand for affordable housing near Lincoln’s urban core.
3. Brown Park (Omaha)
Centered around its namesake park, this South Omaha neighborhood features modest single-family homes from various eras. The area benefits from its recreational amenities and connection to South Omaha’s commercial corridors.
Values rose from $157,942 in 2023 to $166,101 in November 2024, marking a 5.2% increase. This appreciation rate suggests growing market strength in South Omaha’s established neighborhoods.
4. Spring Lake (Omaha)
Located in South Omaha, Spring Lake combines residential streets with proximity to Spring Lake Park. The neighborhood features a mix of early and mid-20th century homes on modest lots.
The area saw steady growth from $154,622 in 2023 to $162,353 in November 2024, representing a 5% increase. This appreciation reflects sustained demand for affordable family housing in South Omaha.
5. Columbus Park (Omaha)
This historic neighborhood near downtown Omaha offers a diverse mix of housing styles from different eras. Its location provides easy access to both downtown employment and South Omaha amenities.
Values increased from $153,167 in 2023 to $161,826 in November 2024, showing a 5.7% gain. This growth rate indicates rising interest in near-downtown neighborhoods with historic character.
6. Highland South-Indian Hills (Omaha)
Located in northwestern Omaha, this neighborhood offers affordable housing options near major transportation corridors. The area features primarily mid-century homes with good access to shopping and services along West Maple Road.
Property values grew from $151,708 in 2023 to $159,693 in November 2024, representing a 5.3% increase. This appreciation rate suggests strengthening market conditions in Omaha’s northwestern neighborhoods.
7. Deer Park (Omaha)
Situated in South Omaha, Deer Park combines residential streets with proximity to Deer Park Boulevard and its commercial amenities. The neighborhood features a mix of early and mid-20th century homes on traditional city lots.
Values increased from $151,795 in 2023 to $159,384 in November 2024, showing a 5% gain. This growth indicates steady demand for affordable housing in established South Omaha locations.
8. North Bottoms (Lincoln)
This historic Lincoln neighborhood sits between downtown and the University of Nebraska campus. Known for its mix of vintage homes and student housing, North Bottoms offers convenient access to both campus and downtown amenities.
Home values rose from $150,545 in 2023 to $158,073 in November 2024, marking a 5% increase. This appreciation reflects sustained demand in this strategically located neighborhood.
9. Binney Wirt Spencer (Omaha)
Located in North Omaha, this established neighborhood offers traditional city lots with modest homes from various eras. The area provides easy access to major transportation routes while maintaining its residential character.
Values grew from $145,807 in 2023 to $153,098 in November 2024, showing a 5% increase. This growth rate indicates improving market conditions in North Omaha’s established areas.
10. Lynch Park (Omaha)
Centered around its namesake park in North Omaha, this neighborhood features affordable single-family homes on traditional lots. The area benefits from its recreational amenities and established residential character.
Property values increased from $145,488 in 2023 to $152,762 in November 2024, representing a 5% gain. This appreciation suggests steady market improvement in North Omaha neighborhoods.
11. Miller Park-Minne Lusa (Omaha)
This historic North Omaha neighborhood features distinctive architecture from the early 20th century. Known for its brick homes and tree-lined streets, the area offers architectural character at accessible price points.
Values rose from $142,019 in 2023 to $149,120 in November 2024, showing a 5% increase. This growth indicates growing appreciation for historic neighborhoods with affordable entry points.
12. South Salt Creek (Lincoln)
Located west of downtown Lincoln, South Salt Creek features a mix of historic homes and modest post-war construction. The neighborhood’s proximity to downtown and major employers maintains steady demand.
Home values grew from $141,579 in 2023 to $148,658 in November 2024, marking a 5% gain. This appreciation reflects continued interest in affordable near-downtown locations.
13. Omaha View (Omaha)
Situated in North Omaha, this neighborhood offers elevated views and traditional city lots. The area features a mix of housing styles with good access to major transportation routes.
Values increased from $139,359 in 2023 to $146,327 in November 2024, showing a 5% rise. This growth suggests steady improvement in North Omaha’s market conditions.
14. E R Danner-Kountze Park (Omaha)
This historic North Omaha neighborhood features distinctive architecture and established streetscapes. The area’s proximity to downtown and major institutions provides strategic advantages.
Property values rose from $137,597 in 2023 to $144,477 in November 2024, representing a 5% gain. This appreciation indicates sustained interest in historic North Omaha locations.
15. Fort Redman (Omaha)
Located in North Omaha, Fort Redman offers affordable housing options near major employment centers. The neighborhood features modest homes on traditional city lots.
Values grew from $137,113 in 2023 to $143,969 in November 2024, showing a 5% increase. This growth rate suggests improving market stability in North Omaha.
16. Wakonda (Omaha)
Situated in North Omaha, Wakonda provides affordable housing options with good access to major transportation routes. The area features primarily mid-century homes on established lots.
Home values increased from $133,328 in 2023 to $139,994 in November 2024, marking a 5% gain. This appreciation reflects steady market conditions in North Omaha neighborhoods.
17. Orchard Hill (Omaha)
This North Omaha neighborhood combines residential character with proximity to major corridors. The area offers a mix of housing styles at accessible price points.
Values rose from $130,913 in 2023 to $137,459 in November 2024, showing a 5% increase. This growth indicates consistent market improvement in North Omaha.
18. Fontenelle View (Omaha)
Located near Fontenelle Boulevard in North Omaha, this neighborhood offers views and established streetscapes. The area features modest homes with good access to parks and transportation routes.
Property values grew from $127,973 in 2023 to $134,371 in November 2024, representing a 5% gain. This appreciation suggests steady market conditions in North Omaha.
19. Prospect Village (Omaha)
This historic North Omaha neighborhood features traditional city lots and vintage architecture. The area’s proximity to downtown and major institutions provides strategic advantages.
Values increased from $125,115 in 2023 to $131,371 in November 2024, showing a 5% rise. This growth indicates sustained market improvement in historic North Omaha areas.
20. Laird Street (Omaha)
Situated in North Omaha, this neighborhood offers affordable housing options with established character. The area features a mix of housing styles on traditional city lots.
Home values rose from $123,515 in 2023 to $129,691 in November 2024, marking a 5% gain. This appreciation reflects improving market conditions in North Omaha.
21. Triple One (Omaha)
Located in North Omaha, Triple One provides entry-level housing opportunities near major transportation routes. The neighborhood features modest homes on established lots.
Values grew from $119,870 in 2023 to $125,864 in November 2024, showing a 5% increase. This growth rate suggests steady market improvement in North Omaha neighborhoods.
22. Levi Carter Sherman (Omaha)
This North Omaha neighborhood offers proximity to Levi Carter Park and its recreational amenities. The area features affordable homes with access to both natural spaces and urban conveniences.
Property values increased from $118,790 in 2023 to $124,726 in November 2024, representing a 5% gain. This appreciation indicates consistent market conditions in North Omaha.
23. The Fort Omaha (Omaha)
Located near the historic Fort Omaha campus, this neighborhood combines historical significance with affordable housing options. The area benefits from its proximity to Metropolitan Community College and its expansive grounds.
Values rose from $116,819 in 2023 to $122,654 in November 2024, showing a 5% increase. This growth suggests steady market improvement in this historically significant area.
24. North Omaha (Omaha)
This core North Omaha neighborhood offers some of the city’s most accessible housing options. The area features a mix of vintage homes and newer construction with good access to major transportation routes.
Home values grew from $116,316 in 2023 to $122,132 in November 2024, marking a 5% gain. This appreciation reflects ongoing market stabilization in North Omaha.
25. Central Park (Omaha)
Named for nearby Central Park Mall, this North Omaha neighborhood offers entry-level housing opportunities. The area combines residential streets with proximity to commercial corridors and community amenities.
Values increased from $111,845 in 2023 to $117,437 in November 2024, showing a 5% rise. This growth indicates steady market conditions in one of Omaha’s most affordable neighborhoods.
