The typical owner-occupied home in Elgin is worth about $110,600, 54% below the Nebraska median of $238,600 and 67% below the national median of $332,700. Owners pay a median $1,204 a year in property taxes, about 1.09% of their home's value, lower than the Nebraska rate of 1.49%. The median household earns $59,583 a year, so the median home costs 1.9 times the median income (3.1 times for Nebraska). 78% of occupied homes here are lived in by their owners, and 31% of those owners still have a mortgage.
Elgin at a glance
| Elgin | Nebraska | U.S. | |
|---|---|---|---|
| Median home value | $110,600 | $238,600 | $332,700 |
| Median property tax paid per year | $1,204 | $3,549 | $3,119 |
| Property tax as a share of value | 1.09% | 1.49% | 0.94% |
| Median household income | $59,583 | $76,475 | $80,734 |
| Homes lived in by their owners | 78% | 67% | 65% |
| Owner homes with a mortgage | 31% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,007 | $1,736 | $1,963 |
| Those costs as a share of the owners' income | 9.0% | 19.5% | 21.0% |
| Median rent | $656 | $1,072 | $1,413 |
| Rent as a share of renters' income | 13.5% | 27.9% | 30.6% |
| Median year homes were built | 1962 | 1975 | 1980 |
| Vacant homes | 16.7% | 7.6% | 10.1% |
| Population | 642 | 1,978,707 | 334,922,499 |
What a typical home costs per month in Elgin
At this week's average 30-year rate of 7.11%, buying the median Elgin home of $110,600 with 20% down costs about $742 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $926, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $31,790 for the 20%-down payment. That payment is 15% of the median Elgin household income of $59,583; at that income and 20% down, the 28% guideline points to a home of about $207,000.
The median rent here is $656 a month, so owning the median home costs about $86 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $22,120 |
|---|---|
| Loan amount | $88,480 |
| Principal and interest | $595 |
| Property taxes (1.09% a year) | $100 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| PMI | $0 |
| Total per month | $742 |
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| Down payment | $3,871 |
|---|---|
| Loan amount | $108,597 |
| Principal and interest | $731 |
| Property taxes (1.09% a year) | $100 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| FHA mortgage insurance | $49 |
| Total per month | $926 |
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Questions about home buying in Elgin
What is the median home value in Elgin?
About $110,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elgin?
Homeowners pay a median $1,204 a year, which is about 1.09% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Elgin?
For the median home with 20% down at 7.11%, the payment is about $742 a month. Keeping that under 28% of gross income takes about $31,790 a year.
More about Elgin
- Mortgage Refinance in Elgin
- Debt Relief in Elgin
- Home Equity Loans in Elgin
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data