Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 68111 in Omaha, Nebraska, for fiscal year 2024 is set at $1010. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federal housing assistance program. It's important to note that this is not the actual rent you will be charging your tenants; rather, it's the payment standard that determines the maximum subsidy available.
In comparison, the local market rent for ZIP 68111 is estimated at $1426 based on the Zillow Observed Rent Index (ZORI). This indicates that the typical rent for a similar property in the area is higher than the Section 8 payment standard. The difference between the FMR and the ZORI suggests that landlords might need to adjust their expectations regarding rental income if they choose to participate in the Section 8 program.
The demand for rental properties in ZIP 68111 is strong, with a 60.3% share of renters indicating that a significant portion of the population is looking for places to live. This high percentage of renters translates into a robust market for rental properties, including those that accept Section 8 vouchers.
If you're considering acquiring a new property for a Section 8 rental, the median home value in ZIP 68111 is approximately $133,566. This figure can help you estimate the potential acquisition cost of a property in this area, though actual costs can vary depending on the condition and location of the property.
Before proceeding with a Section 8 rental in ZIP 68111, it is crucial to verify that the property meets all the necessary requirements for the program. This includes ensuring that the property passes a Housing Quality Standards (HQS) inspection, which checks for safety, health, and habitability. This step is essential to ensure that you can receive the Section 8 payments without any issues.
To summarize, the FMR of $1010 sets the limit for Section 8 subsidies, while the local market rent of $1426 provides context for how much you might typically charge. With a 60.3% renter share, there is a solid demand for rental units, and the median home value of $133,566 gives you an idea of the acquisition cost. However, the key to success in Section 8 rentals is ensuring that your property meets the required standards.
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.