Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,390 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,450 | $709,520 | 0.2% | F |
| 2BR | $1,730 | $440,385 | 0.39% | F |
| 3BR | $2,300 | $395,160 | 0.58% | F |
| 4BR | $2,600 | $544,282 | 0.48% | F |
| 5BR | $3,016 | $672,131 | 0.45% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 68022 in Omaha, NE, for fiscal year 2024 is set at $1370. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It is important to note that this is not the actual rent you will receive; it is the payment standard used to determine the subsidy amount.
In comparison, the local market rent for a similar property in ZIP 68022 is estimated at $1727, based on the Zillow Observed Rental Index (ZORI). This indicates that properties in this area generally command a higher rent than the Section 8 payment standard. However, the Section 8 program ensures a steady income stream through government subsidies, which can be beneficial for landlords who prefer predictable cash flows.
The 26.0% renter share suggests that there is a moderate demand for rentals in this area. While not the highest, it still indicates a reasonable number of potential tenants who might benefit from Section 8 vouchers. Given the acquisition cost of around $510,138 for a typical property in this ZIP code, participating in the Section 8 program can help cover your mortgage and other expenses, ensuring financial stability.
To make an informed decision about entering the Section 8 market, verify that your property meets all the required standards for eligibility. These include safety, health, and structural requirements as defined by the U.S. Department of Housing and Urban Development (HUD). Ensuring compliance will prevent delays and ensure that you receive the agreed-upon subsidy payments without issue.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.