Location: Dodge County, 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 | $770 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $203,367 | 0.52% | F |
| 3BR | $1,270 | $336,625 | 0.38% | F |
| 4BR | $1,420 | $398,704 | 0.36% | F |
U.S. Census Bureau data (2024)
When considering whether to invest in ZIP 68031 (Hooper, NE) for Section 8 properties, follow this decision tree:
1) Does FMR $980 (zip FY 2024) clear debt service on a $319,055 property?
Yes, if the debt service is less than $980 per month. For a property priced at $319,055, calculate your monthly mortgage payment including principal, interest, taxes, and insurance. If this amount is less than $980, then the Fair Market Rent (FMR) can cover your expenses.
2) Is market rent $983 (Census ACS) above, at, or below FMR?
The market rent is slightly above the FMR at $983 per month. This indicates that the local rental market is competitive, and landlords can potentially charge slightly more than the FMR for non-Section 8 tenants. However, for Section 8 units, you are limited to the FMR.
3) Are 26.6% renters + N/A-day DOM enough demand?
The percentage of renters is 26.6%, which suggests moderate demand. The average days on market (DOM) being listed as 'N/A' means there's insufficient data to determine how quickly properties are rented out. However, given the moderate renter population, it is likely that demand will be sufficient to fill Section 8 units.
If all branches indicate positive outcomes, then investing in ZIP 68031 for Section 8 properties is advisable. The FMR covers the necessary debt service, and while market rents are slightly higher, the demand from renters is present. Landlords should proceed with caution regarding the lack of DOM data but can rely on the other indicators for a favorable investment decision.
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.