Section 8 Fair Market Rent (FMR) for ZIP 51540 - 2027

Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$930
1 Bedroom	$980
2 Bedrooms	$1,160
3 Bedrooms	$1,540
4 Bedrooms	$1,740
5 Bedrooms	$2,018
6 Bedrooms	$2,260
7 Bedrooms	$2,441
8 Bedrooms	$2,563

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

372

Median Household Income

$84,375

Housing Units

207

Renter Percentage

22.0%

Occupancy Rate

68.1%

Renter Occupied

ZIP code 51540, located in Iowa, is characterized by a stable housing market with a mix of homeowners and renters. The area offers a variety of housing options, including both rental properties and homes for purchase, catering to different segments of the population.

The Fair Market Rent (FMR) for ZIP 51540 in fiscal year 2024 is set at $1,050, providing a benchmark for rental pricing that reflects the local cost of living.
According to the Census American Community Survey (ACS), the average market rent in the area is $1,309, indicating that rental properties can command slightly higher rates than the FMR.
The median home value in ZIP 51540 stands at $204,967, suggesting that it is a relatively affordable region for those looking to invest in property or purchase a home.
Renters make up 22.0% of the total housing occupancy, highlighting a significant demand for rental units in the area.
The median income for residents is $84,375, which supports the ability of tenants to afford the average market rent and indicates a steady economic base.

The combination of a fair market rent benchmark and a higher average market rent suggests a positive outlook for rental investments in ZIP 51540. With a substantial portion of the population renting and median incomes supporting rental costs, landlords and small-portfolio investors can expect consistent demand and reasonable returns on investment. Additionally, the median home value provides insight into the overall affordability of the area, which could influence both rental and home purchasing decisions among potential investors.

Data Sources: FMR data from HUD (2027). 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.