Section 8 Fair Market Rent (FMR) for ZIP 68046 - 2027
Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,260 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$116,907
Housing Authorities Serving ZIP 68046
When considering whether to invest in ZIP 68046 (Papillion, NE) for Section 8 properties, follow this decision tree based on the provided data:
- Does the Fair Market Rent (FMR) of $1180 cover debt service on a $409,096 property?
- If yes: The FMR of $1180 is sufficient to clear debt service on a $409,096 property. This means that rental income at the FMR level will meet the financial obligations of owning the property.
- If no: The FMR of $1180 does not cover the debt service on a $409,096 property. In this case, you would need additional sources of income or subsidies to make up for the shortfall.
- Is the market rent ($1,511 ZORI) above, at, or below the FMR?
- If market rent is above FMR: The ZORI of $1,511 exceeds the FMR of $1180. This indicates a higher demand for housing in Papillion, NE, which could mean that non-Section 8 tenants might be willing to pay more than the FMR, providing a potential buffer against financial risks.
- If market rent is at or below FMR: The ZORI of $1,511 is above the FMR of $1180, suggesting that market conditions support rents higher than what Section 8 provides. However, if market rent were at or below FMR, it would imply that there is little to no premium over the FMR, which could limit your ability to attract non-Section 8 tenants.
- Are 23.6% renters plus a 19-day Days on Market (DOM) indicative of enough demand?
- If yes: With 23.6% of the population renting and an average DOM of 19 days, the demand for rental properties in Papillion, NE is strong. This low DOM suggests that properties are quickly occupied, reducing vacancy rates and increasing the likelihood of steady rental income.
- If no: The 23.6% renters and 19-day DOM indicate a robust rental market. If these figures were lower, it would suggest weaker demand, potentially leading to longer vacancy periods and less predictable cash flows.
- If it depends: The 23.6% renters and 19-day DOM point towards a healthy rental market. However, it also depends on the number of Section 8 vouchers available and the willingness of tenants to use them in your property. A deeper analysis into local Section 8 policies and tenant preferences would be necessary to fully assess the viability.
In conclusion, ZIP 68046 presents a favorable environment for Section 8 investments, given the FMR coverage, market rent premiums, and strong rental demand. However, the final decision should also consider local Section 8 regulations and the specific property's condition.
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.