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 | $1,310 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,630 | $288,232 | 0.57% | F |
| 3BR | $2,160 | $266,383 | 0.81% | C |
| 4BR | $2,450 | $528,467 | 0.46% | F |
| 5BR | $2,842 | $886,564 | 0.32% | F |
U.S. Census Bureau data (2024)
ZIP code 68114, located in Omaha, NE, falls within the larger Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1370, closely matching the market rent figure of $1,341. The median home value in 68114 is $306,408, which is indicative of the housing costs in this area. With a renter share of 52.3%, it stands out as a significant portion of the population relies on rental properties.
To understand how 68114 positions itself within the broader metro, we must compare these figures to typical ZIP codes within the Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. Generally, ZIP codes with higher renter shares and lower home values tend to be more attractive for Section 8 tenants due to affordability. In 68114, the renter share is notably high at 52.3%, suggesting a strong demand for rental properties. However, the home value of $306,408 places it neither at the low end nor the high end of the housing spectrum, indicating that it is a mid-tier neighborhood in terms of property value.
The FMR of $1370 aligns closely with the market rent of $1,341, implying that the rental prices are in line with what the government deems fair for the area. This consistency between FMR and market rent figures suggests that 68114 is a stable market where landlords can expect to receive reasonable returns without overcharging.
A divergence worth noting is the combination of a high renter share with relatively moderate home values. This characteristic can signal a sweet spot for Section 8 investments, as it suggests an area where rental income is supported by a large tenant pool but where property values have not inflated to premium levels. Landlords and small-portfolio investors should consider this ZIP code as a potential value pocket within the metro, offering a balance between tenant demand and property investment costs.
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.