Section 8 Fair Market Rent (FMR) for ZIP 51575 - 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	$1,080
1 Bedroom	$1,130
2 Bedrooms	$1,340
3 Bedrooms	$1,780
4 Bedrooms	$2,010
5 Bedrooms	$2,332
6 Bedrooms	$2,612
7 Bedrooms	$2,821
8 Bedrooms	$2,962

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,609

Median Household Income

$112,115

Housing Units

650

Renter Percentage

15.3%

Occupancy Rate

95.7%

Renter Occupied

Housing Authorities Serving ZIP 51575

Municipal Housing Agency of Council Bluffs (Council Bluffs, IA) - 784 Section 8 vouchers

The ZIP code 51575, located in Iowa, represents a stable real estate market characterized by modest rental rates and relatively high median home values. This area is ideal for investors looking to balance risk and return in a region with consistent economic indicators.

Fair Market Rent (FMR) for a two-bedroom apartment is $980 per month for fiscal year 2024. This figure indicates the government's benchmark for affordable housing in the area, which can influence the demand for rental properties among tenants eligible for assistance programs.
The market rent for a two-bedroom apartment is $1,133 per month according to Census ACS data. This suggests that while subsidized rents are available, the general rental market is slightly above the FMR, offering a margin of profit for landlords who manage their properties efficiently.
The median home value stands at $350,137. This reflects a solid investment base for those interested in purchasing properties, considering the potential for appreciation and the current market value.
Renters make up 15.3% of the population. Although the majority of residents own their homes, there is still a notable share of renters, indicating ongoing demand for rental units.
The median household income is $112,115. This high median income supports a robust local economy and suggests that tenants can afford higher rents, making the area attractive for rental investments.

Investors in ZIP 51575 can expect a moderate rental market with a steady flow of tenants, particularly those seeking affordable housing options. The relatively low percentage of renters and the higher-than-average median income indicate that the area has a strong economic foundation, which can support property values and rental rates. However, given the modest Fair Market Rent, it is advisable to target a mix of subsidized and market-rate rentals to maximize occupancy and revenue stability. Overall, ZIP 51575 offers a balanced opportunity for real estate investment with potential for long-term growth and profitability.

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.