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 | $1,470 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,830 | $399,683 | 0.46% | F |
| 3BR | $2,430 | $385,199 | 0.63% | D |
| 4BR | $2,750 | $457,073 | 0.6% | D |
| 5BR | $3,190 | $569,233 | 0.56% | F |
U.S. Census Bureau data (2024)
A skeptical investor considering Gretna, NE (ZIP 68028) might have several concerns regarding the viability of investing in the area, particularly focusing on the Fair Market Rent (FMR), the percentage of renters, and the pace at which voucher payments can keep up with market rents.
The first objection is whether the FMR of $1,350 for zip code 68028 in fiscal year 2024 will sufficiently cover the mortgage on a home valued at $434,367. This concern is valid because the FMR represents the maximum amount that low-income families should pay for housing. However, the median home value does not directly correlate with the mortgage cost, which depends on factors such as interest rates and loan terms. To provide a clearer picture, one must calculate the monthly mortgage payment based on current average interest rates and typical loan durations. Without those specific numbers, it's challenging to definitively state if the FMR will cover the mortgage, but it's worth noting that FMR is designed to be a benchmark for affordability.
The second point of contention is the level of renter demand, which stands at 16.5%. This figure suggests that nearly one in six households in the area are renters. While this may seem low compared to other urban areas, it's important to consider that the rental market in Gretna could still be robust given the local population size. A 16.5% rental rate indicates a steady demand for rental properties, making it feasible for landlords to find tenants willing to pay the FMR. However, the success of rental investments also hinges on vacancy rates and competition among landlords, which are not provided in the data.
The final objection pertains to whether voucher payments will keep pace with market rents, currently set at $1,659. The federal government adjusts voucher amounts annually based on the FMR and economic conditions. In Gretna, the gap between the FMR and market rents is $309, which means that landlords accepting vouchers might need to adjust their expectations slightly. It's crucial to note that voucher holders often face limitations on the number of units they can occupy, and landlords should ensure that their property meets all eligibility criteria for voucher acceptance.
In summary, while the data provides a snapshot of the rental market in Gretna, NE, addressing these concerns requires a deeper dive into local financial metrics and trends. The FMR offers a guideline for affordable rents, the rental demand is consistent with the local context, and voucher policies are designed to support low-income families, though landlords should be prepared for some negotiation around rents.
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.