Why Out-of-State Investors Are Targeting Omaha For Steady Cash Flow

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In This Article

I was recently asked by a fellow investor what I thought of the Omaha, Nebraska, market and if it was a good place for out-of-state investors to find cash flow or appreciation. I looked at price, rent, growth, and supply data from the Census, the Bureau of Labor Statistics, and the Building Permit Survey to find out.

The Overall Economy

The first thing I look at when analyzing a market is its job growth. Are companies moving into the area (or being created) and hiring more people? The answer is fascinating.

In the past five years, Omaha has seen a modest 1.1% increase in total nonfarm jobs. So what’s happening? According to the BLS, professional and business service jobs, as well as financial services jobs, appear to be shrinking across the metro area.

However, the education and health services sector has really taken off over the past two years, making up for the difference. But why? It’s possible the increase in population (5.4% over the last five years) has led to increased demand for healthcare services:

After all, the largest employers in the area are numerous different healthcare centers, as well as the Offutt Air Force Base.

Another thing to note is that Omaha’s unemployment rate (3.5%) is less than the national metro average (4.5%). While the economy may not be as hot as the popular Sunbelt cities, the growing population indicates there is a high demand for work in this market.

Housing Supply and Demand

The next thing I analyzed is the supply and demand of housing units in a market. This can be done by looking at the total number of units available and comparing that to the number of actual households.

The gap you see between those lines represents the number of vacant units. The smaller the gap, the smaller the vacancy. And a decreasing vacancy means competition for housing is rising — a great sign for landlords seeking stable occupancy and long-term rent growth. Take a look at the vacancy rate trend below:

Over time, the vacancy rate has decreased. This rising competition for housing can also start to push prices up, which is great news for investors. Just take a look at price growth over time:

This price growth data comes from the U.S. Census (which usually underestimates market price, given the nature of the survey). So, I would also like to point out the price and rent data from Zillow.

Market investment metrics:

Median price: $283,000

Median rent: $1,500

Rent–to-price ratio: 0.5%

Five-year population growth: 5.4%

Five-year household growth: 8.0%

Compared to coastal markets, Omaha offers strong returns at a fraction of the buy-in cost. With an affordable median price, solid median rent, a good labor market, and solid household growth, Omaha is a great market for long-term-focused out-of-state investors.