Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
U.S. Census Bureau data (2024)
12-day days on market indicate a brisk pace of sales in ZIP 68005, suggesting strong demand for both rentals and homeownership. The 43.8% renter share points to a significant portion of the population relying on rental housing, which can be a stable source of income for landlords. At $1030, the Fair Market Rent (FMR) for Section 8 in ZIP 68005 is notably lower than the $1,090 Zillow Observed Rent Index (ZORI), highlighting a potential gap between government subsidies and market rates. This disparity means landlords could see reduced profitability if they solely rely on Section 8 tenants without adjusting their rental strategies. The median home value of $255,260 provides context for property values in the area, allowing investors to gauge the potential resale value or equity growth of residential investments. The median income of $66,551 offers insight into the economic profile of the residents, indicating the affordability constraints many face and potentially influencing their preference for subsidized housing options. The 0.2% price-cut share suggests that properties are generally listed at competitive prices, minimizing the need for aggressive price reductions to attract buyers. Given these factors, the verdict on Section 8 participation in ZIP 68005 is that it remains a viable option for landlords but requires careful consideration of the financial implications due to the subsidy-market rate differential.
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.