Grand Island, NE

Very Low · 65

Nebraska · Population 52,761 · Updated March 2026

$913
Median Rent / Month
$62,439
Median Income
$202,600
Median Home Value
$976
Owner Costs / Month

Affordability

How far your income goes in Grand Island

17.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Nebraska

State-level tax rates that affect your costs

6.64%
Income Tax (Top Rate)
5.5%
Sales Tax
1.73%
Property Tax Rate

Estimated Annual Costs

$10,956
Annual Rent
$4,146
State Income Tax
$3,505
Property Tax (est.)

Cost of Living Overview

Grand Island is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 65 (where 100 equals the national median), Grand Island residents can expect to pay median rent of $913/month while earning a median household income of $62,439/year.

The median home value in Grand Island, NE is $202,600, with typical monthly owner costs around $976 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Nebraska has a moderate income tax rate of 6.64%. Combined with a 5.5% sales tax rate and 1.73% effective property tax rate, the overall tax environment is a factor in the total cost of living in Grand Island.

Frequently Asked Questions

Common questions about living costs in Grand Island

What is the cost of living in Grand Island, NE?
The cost of living index in Grand Island, NE is 65 (US average = 100). Median monthly rent is $913, median household income is $62,439/year, and the median home value is $202,600.
Is Grand Island, NE affordable?
Yes, Grand Island is more affordable than the national average with a cost index of 65. The rent-to-income ratio is 17.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Grand Island, NE?
The median gross rent in Grand Island, NE is $913 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,956.
What is the median household income in Grand Island?
The median household income in Grand Island, NE is $62,439 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Nebraska?
Nebraska has a top income tax rate of 6.64%, a sales tax of 5.5%, and an effective property tax rate of 1.73%.