Farwell, NE
Population 71 · Nebraska
About Farwell, NE
Farwell is a small community located in Nebraska with a population of 71 residents according to the latest US Census Bureau American Community Survey data. The median household income is $58,125 per year, which is 23% below the national median of $75,149. The median age of 47.9 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Farwell features a median home value of $55,000, which is 78% below the national median of $244,900. This makes Farwell one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 47 total housing units, 81% are owner-occupied (25 units) and 19% are renter-occupied (6 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Farwell shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 9.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Farwell have an average one-way commute time of 46.3 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
13.2% of Farwell residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 11.3% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
How Farwell Ranks in Nebraska
Cost of Living in Farwell, NE
Compared to national averages, Farwell has a median household income of $58,125 (23% below the national median of $75,149). Home values average $55,000, which is 78% below the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Nebraska, Farwell's income is 12% below the state average of $65,895, and home values are 56% below the state median of $125,824.
Why Live in Farwell, NE?
Farwell offers affordable housing with a median home value of $55,000, below the US average of $244,900, and rent that’s lower than the national average at $0/month, and a strong job market with an unemployment rate of just 0.0%. Additionally, the city features a low poverty rate of 9.9%, better than the national average.
Potential considerations include median household income ($58,125) that falls below the national average. However, Farwell’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Farwell has a population of 71 with a median age of 47.9 years. Compare Farwell with other cities to see how it stacks up, or explore all cities in Nebraska.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Farwell
What is the population of Farwell, NE?
The population of Farwell, NE is 71 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Nebraska.
What is the median household income in Farwell?
The median household income in Farwell, NE is $58,125 per year, which is 23% below the national median of $75,149.
What is the median home value in Farwell?
The median home value in Farwell, NE is $55,000, which is 78% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Farwell?
The median monthly rent in Farwell, NE is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Farwell?
The unemployment rate in Farwell, NE is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Farwell, NE a good place to live?
Farwell offers a moderate cost of living, affordable housing, and a strong job market. With a population of 71 and a median age of 47.9, the city appeals to established professionals and retirees.
How educated is Farwell, NE?
13.2% of residents in Farwell aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Farwell?
Key cost-of-living indicators for Farwell, NE: median home value is $55,000 (78% below national), median rent is $0/month, and median household income is $58,125. The home-value-to-income ratio is 0.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Farwell?
The poverty rate in Farwell, NE is 9.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Farwell, NE?
Farwell's population is 11.3% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.