Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The ZIP code 68058 presents a dynamic rental market, with the Fair Market Rent (FMR) set at $1000 for fiscal year 2024, slightly above the current market rent of $960 as reported by the Census Bureau's American Community Survey. This indicates that the rental market is currently below the benchmark set by HUD, suggesting potential upward pressure on rents as the market adjusts to meet the FMR standards.
The median home value of $375,972 reflects a stable residential real estate environment, though without historical data, it's challenging to determine if this represents an increase or decrease over time. However, the absence of price-cutting and days on market (DOM) data suggests that homes in this area are generally selling at their listed prices and within a reasonable timeframe, implying a balanced market with neither extreme surplus nor shortage of housing units.
A 5.5% renter share points to a predominantly owner-occupied community. While this figure might seem low compared to urban areas with higher percentages of renters, it signifies that a significant portion of the population prefers homeownership. This preference can lead to long-term housing pressure as the demand for rental properties remains relatively constant while new residents seek to enter the housing market as owners. As the number of owner-occupiers grows, the competition for rental units intensifies, especially among those who cannot yet afford to buy or prefer renting.
In summary, ZIP 68058 operates under a steady equilibrium between rental and homeownership markets, with slight indications of upward pressure on rental prices to align with HUD's FMR. The high median home value and low renter share suggest a strong inclination towards homeownership, which, in turn, drives continuous demand for both rental and purchase options, creating a resilient housing market.
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.