The typical owner-occupied home in Palmer is worth about $123,900, 48% below the Nebraska median of $238,600 and 63% below the national median of $332,700. Owners pay a median $1,500 a year in property taxes, about 1.21% of their home's value, lower than the Nebraska rate of 1.49%. The median household earns $62,578 a year, so the median home costs 2.0 times the median income (3.1 times for Nebraska). 81% of occupied homes here are lived in by their owners, and 46% of those owners still have a mortgage.
Palmer at a glance
| Palmer | Nebraska | U.S. | |
|---|---|---|---|
| Median home value | $123,900 | $238,600 | $332,700 |
| Median property tax paid per year | $1,500 | $3,549 | $3,119 |
| Property tax as a share of value | 1.21% | 1.49% | 0.94% |
| Median household income | $62,578 | $76,475 | $80,734 |
| Homes lived in by their owners | 81% | 67% | 65% |
| Owner homes with a mortgage | 46% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $956 | $1,736 | $1,963 |
| Those costs as a share of the owners' income | 14.8% | 19.5% | 21.0% |
| Median rent | $875 | $1,072 | $1,413 |
| Rent as a share of renters' income | 17.5% | 27.9% | 30.6% |
| Median year homes were built | 1946 | 1975 | 1980 |
| Vacant homes | 5.3% | 7.6% | 10.1% |
| Population | 403 | 1,978,707 | 334,922,499 |
What a typical home costs per month in Palmer
At this week's average 30-year rate of 7.11%, buying the median Palmer home of $123,900 with 20% down costs about $843 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,050, 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 $36,144 for the 20%-down payment. That payment is 16% of the median Palmer household income of $62,578; at that income and 20% down, the 28% guideline points to a home of about $215,000.
The median rent here is $875 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,780 |
|---|---|
| Loan amount | $99,120 |
| Principal and interest | $667 |
| Property taxes (1.21% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $52 |
| PMI | $0 |
| Total per month | $843 |
Change the numbers in the calculator
| Down payment | $4,336 |
|---|---|
| Loan amount | $121,656 |
| Principal and interest | $818 |
| Property taxes (1.21% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $52 |
| FHA mortgage insurance | $55 |
| Total per month | $1,050 |
Change the numbers in the calculator
Questions about home buying in Palmer
What is the median home value in Palmer?
About $123,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palmer?
Homeowners pay a median $1,500 a year, which is about 1.21% 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 Palmer?
For the median home with 20% down at 7.11%, the payment is about $843 a month. Keeping that under 28% of gross income takes about $36,144 a year.
More about Palmer
- Mortgage Refinance in Palmer
- Debt Relief in Palmer
- Home Equity Loans in Palmer
- 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