Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
ZIP code 51553 is situated within the Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $980. This figure is higher than the average market rent of $700, indicating that rental properties in this ZIP might be priced above what the typical market would bear.
The median home value in ZIP 51553 stands at $274,441. While this is a significant investment, it's important to note that this figure alone doesn't necessarily define the ZIP's position within the broader metro area. To determine if 51553 is a value pocket, a mid-tier neighborhood, or a premium sub-market, we must consider other factors alongside the home value.
The renter share in ZIP 51553 is 9.7%, which is relatively low compared to the national average and potentially indicative of a lower concentration of renters. However, the divergence between the high FMR and the lower market rent suggests an opportunity for landlords and small-portfolio investors who can offer competitive rents while still benefiting from the higher FMR subsidies.
Given the specific figures, ZIP 51553 appears to be a mid-tier neighborhood within the Omaha-Council Bluffs metro. The home values suggest a moderate investment level, while the relatively high FMR and low market rent indicate a potential for rental income that exceeds the typical market rate, making it attractive for those seeking to leverage Section 8 vouchers.
It's worth noting that the combination of a slightly elevated FMR and a below-metro average market rent could signal a sweet spot for Section 8 tenants. Landlords in this ZIP might find themselves in a favorable position to attract voucher holders without having to significantly reduce their asking price, thus maximizing their rental income potential.
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.