Overview of the Commercial and Residential
Real Estate Market in Nebraska
Named after the Platte River, The Cornhusker State is home to 1,868,516 Nebraskans. It has the country's largest underwater lake. The Ogalala aquifer covers approximately 174,000 square miles and is part of the High Plains Aquifer System. This system supplies about 30 percent of the water utilized for irrigation in the United States. Nebraska is known for being the largest manufacturer of waterwheel irrigation and the largest user of this highly effective irrigation method. In addition to having more underground water reserves, the state also has more miles of river than any other. Omaha is the largest city with a population of 434,353 and a median home value of $133,500. The city's median household income is $48,052 and the homeownership rate is 58.5 percent. The state has a homeownership rate of 67 percent, a median household income of $51,672 percent, and a median home value of $128,000. According to the U.S. Census, the state capital of Lincoln has a population of 268,738 and a median home value of $143,200. The median household income is $49,113 and a little more than 32 percent of its residents live in multi-unit structures.
Nebraska's economy is heavily reliant on agriculture. Other parts of the country depend on its production of soybeans, corn, beef, and pork. Along with its other economic sectors of transportation, manufacturing, technology, and energy, it has a gross state product of about $89.8 billion. Nebraska's personal income ranks 25th in the country and it maintains low unemployment numbers consistently. Much of the demand for office, retail, and apartments is around the major cities. Construction is expected to continue thriving Omaha over the next few years with new shopping centers, office structures, and medical centers being built, along with apartment complexes and hotels. Some developers say development is unable to keep pace with the current demand for commercial space and housing units.
Office Rental and Executive Suites in Omaha, NE
How to Become a Realtor in Nebraska
The Nebraska Real Estate Commission is headquartered in Lincoln and protects the public interest of citizens in Nebraska by administering real estate licenses and overseeing the conduct of agents and brokers across the state. They require applicants be at least 19 years old and be a high school graduate or have the GED equivalent. Nebraska requires 60 hours of pre-license classes. These hours are divided into two courses. Prospective agents must score at least 75 percent on the state exam before applying for a license. To maintain an active license, agents must work under a licensed broker. Brokers must be at least 19 years old. If the prospective brokers has two active years' experience as a salesperson, they must complete 120 hours of pre-license education. Without the experience, they must complete 180 hours of courses.