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 | $1,430 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,490 | $346,375 | 0.43% | F |
| 2BR | $1,770 | $305,887 | 0.58% | F |
| 3BR | $2,350 | $333,549 | 0.7% | D |
| 4BR | $2,660 | $441,915 | 0.6% | D |
| 5BR | $3,086 | $527,328 | 0.59% | F |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1400 for ZIP 68116 in Omaha, NE, landlords should be aware that this figure represents the maximum amount Section 8 participants can pay for housing in the area during fiscal year 2024. Meanwhile, the Zillow Observed Rent Index (ZORI) stands at $1,653, indicating that market rents are higher than the Section 8 maximums, which could affect the attractiveness of the program for some tenants. The median home value in the area is $378,648, providing a benchmark for property values that landlords might consider when assessing their investment portfolios. Renter share in ZIP 68116 is 23.6%, suggesting that a significant portion of the population relies on rental properties, which could stabilize demand. However, the median income of $121,165 might limit the pool of eligible Section 8 participants, as their incomes must fall below certain thresholds to qualify. The Days on Market (DOM) statistic of 22 days reflects a relatively quick turnover for listings, which could be beneficial for landlords looking to fill vacancies promptly. Lastly, the price-cut share of 0.3% implies that very few properties need to reduce their asking prices, indicating strong market conditions. In conclusion, given the disparity between FMR and market rents, along with the median income levels, landlords in ZIP 68116 should approach Section 8 participation with caution, as it may not be as lucrative compared to market-rate rentals.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.