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 | $1,560 |
| 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 ZIP code 51571 is situated in a neighborhood characterized by a relatively small population of 902 residents. The area has a modest rental market share, with 17.3% of the population being renters. The median household income in this ZIP code is strong at $95,250, indicating a generally affluent community. The median home value stands at $301,005, reflecting the overall high cost of living and property values in the region.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for ZIP 51571 as of the fiscal year 2024 is set at $990. In contrast, the actual market rent, according to Census ACS data, is higher at $1,130. This discrepancy suggests that landlords who participate in the Section 8 program can expect slightly lower rents compared to the open market. However, the difference is not substantial, implying that the financial impact on a landlord's income might be minimal.
Given these economic factors, ZIP 51571 could suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the area's strong median income and reasonable FMR make it a stable investment with predictable returns. For value-add buyers, the potential to increase property values through renovations and upgrades, coupled with the ability to command higher market rents post-rehabilitation, presents an opportunity for higher long-term profits. Both strategies have merit in this ZIP code, depending on the investor's risk tolerance and desired level of involvement.
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.