The Sidney Sun-Telegraph - Serving proudly since 1873 as the beautiful Nebraska Panhandle's first newspaper

Sidney listed in top 10 most affordable places to live in Nebraska

 

For The Sun-Telegraph

This chart shows the category breakdown for the most affordable places to live in Nebraska. Sidney was listed No. 8 on the list.

Although the state motto is "Equality before the law," it's easy to see that not all places are equal when it comes to the cost of living in Nebraska.

It's official, though: Sidney ranks as the eight most affordable place to live in Nebraska.

According to SmartAsset, a financial technology company that uses software and data to provide easy to understand answers to financial questions, Sidney ranks high in the affordability category. SmartAsset created an affordability index to narrow down and locate the most affordable housing markets in the country.

Sidney placed in the top 10 most affordable places to live in Nebraska based on certain expenses for the average home.

SmartAsset found the total cost over five years for four expenses – closing costs, real estate taxes, homeowner's insurance and mortgage payments – for the average home in every county in the U.S., and every city with a population greater that 5,000. After collecting that data, SmartAsset took that five-year cost as a proportion of median household income in each county and city to then determine affordability.

"The most affordable cities and counties were those in which total housing costs on an average house accounted for the smallest proportion of the median income," said SmartAsset's Asees Singh.

Singh said SmartAsset works with more than 130 data partners to uncover interesting statistics and information to complete studies like this.

"We did not poll the towns specifically," Sigh said. "Instead, we used data and information from Bankrate, the U.S. Census Bureau's 2012 American Community Survey, government websites, Bank of America, Capital One, Chase, Citibank, SunTrust, U.S. Bank and Wells Fargo."

With this data, SmartAsset created an interactive map of the U.S. that allows users to see the most affordable cities in each state. There is also information about housing affordability on cities that didn't rank in their state.

Other western Nebraska towns including Gering and Alliance also ranked amongst the most affordable places to live.

Not only did Sidney rank well in the state, but also ranked well nationally, coming in at 583 out of more than 3,000 cities. Cheyenne County as a whole ranked 964th.

Sidney's affordability data includes:

Average closing costs: $1,816

Annual property tax: $1,892

Annual homeowner's insurance: $536

Average annual mortgage payment: $4,922

Median income: $47,192

Affordability index: 35.55

 

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