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 | $980 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $500,742 | 0.24% | F |
| 3BR | $1,620 | $514,821 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 68023, located in Fort Calhoun, Nebraska, represents a market where renters constitute a notable segment of the population at 18.7%, though it is not overwhelmingly renter-heavy. With a total population of 2,687, there is a defined demand for rental properties, but it is not expected to be driven primarily by Section 8 voucher holders. The median household income in this area stands at $116,287, which is significantly higher than the national average, indicating that the majority of residents have the financial capacity to cover market rents without assistance.
The market rent in this area is set at $1,077, which accounts for approximately 9.3% of the median household income. This percentage suggests that typical rent is affordable for most households, even without the use of housing vouchers. The Fair Market Rent (FMR) for ZIP 68023 is $1,020 for fiscal year 2024, closely aligning with the market rent and showing that the rental market is fairly competitive with government standards.
Given the income levels and the relatively low percentage of renters, landlords in ZIP 68023 should anticipate a tenant profile that is generally financially stable and capable of paying market rents. While Section 8 tenants may still be present, they are likely to represent a smaller portion of the overall rental market. Landlords can expect tenants who are employed and earn incomes reflective of the local economy, making them suitable for standard lease agreements.
To conclude, ZIP 68023 is best suited for landlords and investors looking for a stable rental market with tenants who have strong earning potential and are less reliant on housing vouchers. The area's economic indicators suggest a robust tenant base that can support market rents, reducing the need for heavily subsidized housing options.
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.