Real Estate Investing in Omaha, Nebraska (68138)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 68138 (Omaha, NE)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Omaha, NE (68138)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 68138 Omaha
Not every below-median market is a bargain. Omaha's 68138 ZIP sits at signals that favor experienced operators who can absorb the risk $296K pricing implies.
Stepping back, the numbers look inviting — $296K purchase price, 0.0% nominal cap — the work to hit that pro forma in 68138 is substantial and deserves full respect.
In the broader NE picture, 68138 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
A sturdy renter share of 25% in 68138 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
seems to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Omaha:
Property Strategy for 68138
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $246,555 | $1,320 | 3.9% | +7.4% | $123,278 |
| 3BR | $278,168 | $1,750 | 4.5% | +7.2% | $92,723 |
| 4BR | $366,091 | $1,970 | 3.9% | +6.3% | $91,523 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 68138 Compare?
| Metric | 68138 | Omaha | Nebraska |
|---|---|---|---|
| Home Value | $296,078 | $273,289 | $269,423 |
| 5-Year CAGR | 5.5% | 4.6% | 6.7% |
| Avg Rent | $1,404 | $1,480 | - |
| Cap Rate | 3.7% | 4.2% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 68138 (Omaha, NE). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $296,078 |
| Monthly Rent | $1,404 |
| Price-to-Rent | 17.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.7% |
| Cap Rate | 3.7% |
| 5-Year IRR | 9.2% |
📈 Home Appreciation
| 1-Year | +5.2% ▲ |
| 3-Year CAGR | +3.2% ▲ |
| 5-Year CAGR | +5.5% ▲ |
| 10-Year CAGR | +7.1% ▲ |
🏠 Rent Trends
| 1-Year | -11.4% ▼ |
| 3-Year CAGR | -0.6% ▼ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.7%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 68138
Population: 11,638
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 68138
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
ASPEN CREEK MIDDLE SCHOOL
GRETNA EAST HIGH SCHOOL
ASPEN CREEK ELEMENTARY SCHOOL
PALISADES ELEMENTARY SCHOOL
WHITETAIL CREEK ELEMENTARY
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,471 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the median home value in Omaha, NE?
Homes in Omaha, NE typically sell near $296K. Prices have moved at a 0.0% 5-year CAGR, which measured long-term demand.
Are eviction rules reasonable in Omaha, NE?
NE law landlord-friendly for landlords, and Omaha inherits those rules. Investors should still review local ordinances for rental licensing.
What is the typical renter like in Omaha, NE?
Omaha, NE draws a predictable base of working renters. Demand at the $1,404/mo rent level is reasonable for standard single-family and small multi rentals.
How tight is the rental market in Omaha, NE?
Rental vacancy in Omaha, NE is elevated. Investors should budget normal turnover but not chronic empty units.
How should investors approach Omaha, NE?
For Omaha, NE, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
You know 68138 now. You don’t know where it ranks.
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How 68138 ranks in Omaha-Council Bluffs, NE-IA
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