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 | $1,290 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,400 |
| 5 Bedrooms | $2,784 |
| 6 Bedrooms | $3,118 |
| 7 Bedrooms | $3,367 |
| 8 Bedrooms | $3,535 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $427,651 | 0.37% | F |
| 3BR | $2,120 | $407,073 | 0.52% | F |
| 4BR | $2,400 | $572,580 | 0.42% | F |
U.S. Census Bureau data (2024)
ZIP code 68059, located in Springfield, NE, falls within the larger Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,180. Comparatively, the market rent in ZIP 68059 is slightly higher at $1,286. The median home value in this ZIP is $452,370, which is indicative of a mid-tier neighborhood within the broader metro area.
The renter share in ZIP 68059 is 16.6%, which is a notable figure but not necessarily indicative of a Section 8 sweet spot without further context on the overall renter share in the Omaha-Council Bluffs metro area. However, the divergence between the FMR and the actual market rent suggests that landlords in this area can expect to charge slightly above the subsidized rate, making it potentially less attractive for Section 8 tenants compared to areas where the FMR is closer to the market rent.
To determine if 68059 is a value pocket, a mid-tier neighborhood, or a premium sub-market within the metro, consider the following:
The FMR being lower than the market rent indicates that rents in this area are above the average subsidized rate, placing it more towards the premium side for those seeking non-subsidized housing.
The median home value of $452,370 aligns well with the mid-tier classification, assuming the metro area has a wide range of home values. This price point is neither the lowest nor the highest, suggesting a balanced market.
The renter share of 16.6% is an important metric for landlords, especially those interested in Section 8. If this percentage is significantly higher than the metro average, it could indicate a concentration of renters who might be more likely to use Section 8 vouchers, making it a valuable area for landlords willing to accept such subsidies.
Without additional data on other ZIP codes within the Omaha-Council Bluffs metro area, we can infer that ZIP 68059 is positioned as a mid-tier neighborhood, offering a balance between home values and rental rates. Landlords should pay attention to the slight premium in market rents over FMRs when considering their investment strategies in this area.
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.