Omaha sees cost of living rise, loss in spending power

Figures show Omaha's economy is shifting and the area's historically low cost of living is on the rise.

The Omaha World-Herald reports that much of the increase in cost of living can be attributed to the high demand and low supply of housing, which is driving up home prices and rent costs.

David Drozd is a researcher at the University of Nebraska at Omaha. He says the low cost of living now gives local residents a salary boost of $2,000 to $2,500, compared to $5,000 to $6,000 in 2013.

Omaha's cost of living still remains at 95 percent the typical rate across the country. But it's no longer as competitive when compared to other Midwestern cities, such as Oklahoma City, which is at 85 percent of the national average.