Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 51559 in fiscal year 2024 is set at $1050. This figure represents the payment standard for Section 8 housing vouchers, meaning it is the maximum amount the Housing Choice Voucher program will pay toward rent for a unit in this area. It does not represent the total rent a tenant would pay; rather, tenants typically cover a portion of the rent based on their income.
To understand the financial landscape better, compare this FMR to the average rent in the area. According to the Census Bureau's American Community Survey, the average rent for ZIP 51559 is $961. This indicates that the FMR is slightly higher than the typical market rate, which could be beneficial for landlords as it might help cover costs that exceed the average rent.
Regarding demand, the renter share in this ZIP code is 25.9%. This means that nearly one-quarter of the households in the area are renters, suggesting a reasonable level of demand for rental properties. However, it also implies that there are other rental options available, so maintaining a competitive edge through property quality and location is important.
If you're looking to acquire a new property for your Section 8 rental portfolio, consider the median home value of $306,661. This figure can serve as a benchmark for understanding the typical price range of homes in the area, helping you make informed decisions about potential acquisitions.
Before proceeding with a Section 8 rental in ZIP 51559, verify that the property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) ensure that the unit is safe and livable, and passing these inspections is crucial for receiving the voucher payments.
In summary, the FMR of $1050 provides a clear guideline for how much the government will contribute toward rent. With an average rent of $961, there is potential for covering expenses and making a profit. A renter share of 25.9% suggests steady demand, while the median home value of $306,661 gives insight into acquisition costs. Ensure your property meets HQS to secure your investment.
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.