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 | $1,330 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,480 |
| 5 Bedrooms | $2,877 |
| 6 Bedrooms | $3,222 |
| 7 Bedrooms | $3,480 |
| 8 Bedrooms | $3,654 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,390 | $155,199 | 0.9% | C |
| 2BR | $1,650 | $199,118 | 0.83% | C |
| 3BR | $2,190 | $231,248 | 0.95% | C |
| 4BR | $2,480 | $267,546 | 0.93% | C |
U.S. Census Bureau data (2024)
The ZIP code 68117 in Omaha, Nebraska, stands out within Douglas County due to its unique demographic and economic characteristics. With a population of 8,224 residents, this area has a rental rate of 20.2%, indicating a significant portion of the community owns their homes. The median income here is $75,237, reflecting a middle-class neighborhood. The median home value of $218,516 suggests that homeownership is both attainable and valued in this ZIP.
From a landlord's perspective, the Section 8 voucher program plays a crucial role in the rental market. The Fair Market Rent (FMR) for ZIP 68117, as set for fiscal year 2024, is $1,290. This figure is slightly below the market rent of $1,354, according to the latest Census American Community Survey (ACS) data. While the difference is modest, it can impact the decision-making process for landlords considering participation in the voucher program.
The data signature for ZIP 68117 reads as stable. The relatively low rental rate and high median income indicate a strong homeowner base, which contributes to the overall stability of the neighborhood. Additionally, the close alignment between the FMR and market rent suggests that the housing market is functioning predictably, without significant fluctuations that might signal transitional periods. For small-portfolio investors, this stability means that properties in ZIP 68117 are likely to retain their value and provide consistent returns, even if the potential for rapid appreciation is limited.
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.