Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $220,018 | 0.5% | F |
| 3BR | $1,450 | $299,208 | 0.48% | F |
| 4BR | $1,640 | $448,673 | 0.37% | F |
| 5BR | $1,902 | $557,611 | 0.34% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 51534, which includes Glenwood, Iowa, is set at $1040 for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers in your area. It's important to note that this is not the rent you will charge tenants; it's the maximum amount that the government will pay on behalf of eligible renters.
Comparing this to the average rent reported by the U.S. Census Bureau's American Community Survey (ACS), which is $901 for the same area, you can see that the FMR is higher. This means that landlords participating in the Section 8 program could potentially receive more income than the market average, assuming they meet the quality and condition standards required by the program.
In ZIP 51534, 17.6% of residents are renters. This percentage indicates the portion of the population likely to be interested in Section 8 housing, providing a reasonable level of demand for your property. However, it's not a guarantee that all renters will qualify for the Section 8 program, so consider the broader rental market when deciding if this is a good fit for your investment.
The median home value in Glenwood is around $308,394. This figure represents the typical price range for acquiring a property in this area. When considering a Section 8 rental, ensure the property's condition and amenities meet the Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD).
Before finalizing your decision to participate in the Section 8 program, verify that your property meets these HQS requirements. This includes ensuring that the home is safe, decent, and sanitary, with no significant health or safety hazards. Meeting these standards is crucial to being approved for the program and maintaining your eligibility over time.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.