Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 51556 in fiscal year 2024 is set at $1,190. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is the payment standard, which does not necessarily reflect the actual rent you might receive. The actual rent could be lower, depending on the tenant's income and the rent calculation formula used by the housing authority.
In comparison, the average market rent for ZIP 51556, based on Census ACS data, is $1,125. This suggests that the FMR for Section 8 rentals is slightly above the average market rate, potentially making it an attractive option for landlords looking to secure steady rental income.
The renter share in ZIP 51556 is 15.1%, indicating that a significant portion of the population relies on rental housing. This provides a solid demand for rental properties, especially those that participate in the Section 8 program, which can attract tenants who need assistance with housing costs.
When considering purchasing a property in this area for a Section 8 rental, the median home value is around $189,111. This gives potential investors an idea of the acquisition cost and helps in assessing the financial feasibility of the investment.
Before proceeding with a Section 8 rental in ZIP 51556, it is crucial to verify that your property meets the housing quality standards set by the local housing authority. These standards ensure that the rental unit is safe, decent, and sanitary for tenants, and failing to meet them can result in penalties or disqualification from the program.
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.