Starting your medical residency in Omaha? One of the biggest decisions you’ll face outside of the hospital is where to live. Should you rent an apartment near UNMC for flexibility, or invest in a home to start building equity? If you’re a resident at Nebraska Medicine, UNMC, Creighton, or Children’s Hospital, this guide breaks down the key financial and lifestyle considerations to help you make the best choice.
The Cost of Renting vs. Buying in Omaha
Renting: Paying for Convenience
Renting offers flexibility, but it comes at a cost—one that adds up fast.
- Omaha Rental Prices for Medical Residents:
- A 3-bedroom at Brickline at The Mercantile rents for $3,586 – $4,586+ per month depending on unit size and amenities.
- Other luxury apartments near UNMC range from $2,000 to over $4,000 per month.
- Over a 3-year residency, renting at $3,000 per month means spending $108,000 on housing with no return on investment.
- Pros of Renting:
✅ Short-term flexibility if relocating after residency
✅ No maintenance responsibilities
✅ Amenities like fitness centers and concierge services - Cons of Renting:
❌ No equity or financial return
❌ Subject to rent increases
❌ Limited customization or space
Buying: Investing in Your Future
Purchasing a townhome or rowhome in Omaha allows you to build equity while keeping monthly payments stable.
- Estimated Monthly Costs for a $450,000 Rowhome (e.g., Elmwood Rows):
- Mortgage (Principal & Interest): $2,335
- Property Taxes & Insurance: $897
- HOA Dues: $200
- Total Approximate Monthly Payment: $3,432
- Pros of Buying a Townhome in Omaha as a Medical Resident:
✅ Build Equity: Every payment contributes to ownership
✅ Stable Monthly Costs: No rent hikes or lease renewals
✅ Tax Benefits: Potential mortgage interest deductions
✅ Resale or Rental Potential: Sell for a profit or rent it out after residency - Cons of Buying:
❌ Requires a down payment and closing costs
❌ Less flexibility if relocating after residency
❌ Responsibility for maintenance (though new construction rowhomes require minimal upkeep)
Lifestyle Considerations for Medical Residents
Medical residency is demanding, and where you live should complement your lifestyle, not add stress.
🏡 Rowhomes like Elmwood Rows offer:
✔ Modern, low-maintenance living—no yard work or costly renovations, plus a private 2-car garage
✔ Proximity to UNMC, Nebraska Medicine, and Creighton for an easy commute
✔ Historic, urban neighborhoods near local coffee shops, restaurants, and city life
✔ Smart investment potential if you plan to stay in Omaha long-term or keep as a renta. ✔ Move-in-ready rowhomes
🚪 Apartments like The Brickline offer:
✔ Short-term flexibility with lease options (pay a premium for this option) ✔ No large upfront costs like a down payment (will pay security deposit)
✔ Amenities like fitness centers
✔ Move-in-ready convenience
Should You Rent or Buy During Medical Residency?
Ask yourself:
✅ Will you be in Omaha for 3+ years? If yes, buying could be a smarter financial move.
✅ Are you comfortable with homeownership? New construction make it easy.
✅ Do you want to build wealth while in residency? A mortgage means your money goes toward an asset, not a landlord.
Bottom Line: Renting provides flexibility, but buying a home—especially a low-maintenance rowhome—could be a strategic investment in your future.
Explore Your Options
Thinking about buying a home vs. townhome or condo in Omaha during your residency? Let’s chat about the options and if it makes sense for you. Contact me today to explore available options and compare costs to renting.
P.S. Interested in knowing more about Physician Loan options? It’s important to know the facts so you can decide if a Physician Loan is right for you vs. Conventional. Text or call me anytime at 402-524-1213 and let’s chat. I’m happy to connect you to my favorite local lenders who can help you!
