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 | $1,260 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $237,208 | 0.66% | D |
| 3BR | $2,070 | $285,235 | 0.73% | D |
| 4BR | $2,340 | $444,871 | 0.53% | F |
| 5BR | $2,714 | $499,807 | 0.54% | F |
U.S. Census Bureau data (2024)
ZIP code 68128, located in La Vista, 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 $1260. The market rent for the area is slightly higher at $1,299, indicating that rents are close to the HUD's FMR guidelines. The median home value in ZIP 68128 is $309,847, which is relatively affordable compared to other areas within the Omaha-Council Bluffs metro region.
The renter share in 68128 stands at 43.3%, which is notably higher than the average for the broader metro area. This suggests that there is a significant portion of the population renting homes in La Vista, making it an attractive location for landlords and small-portfolio investors looking to cater to the rental market. The combination of a below-average home value and a high renter share can be indicative of a Section 8 sweet spot, where government-subsidized housing vouchers are prevalent among renters.
To determine if 68128 is a value pocket, a mid-tier neighborhood, or a premium sub-market within the Omaha-Council Bluffs metro, we must consider the specific figures provided. With a median home value of $309,847, it is positioned as a mid-tier neighborhood. This figure is neither the lowest nor the highest within the metro, suggesting that while it is not the most expensive area, it also isn't the least costly.
The FMR and market rent figures being close together indicate that the rental market is fairly aligned with federal guidelines. This alignment, coupled with the high renter share, makes 68128 a favorable location for landlords seeking stable rental income, especially those interested in participating in the Section 8 program. The presence of a substantial number of renters who may benefit from housing assistance programs could provide a steady demand for rental properties.
In conclusion, ZIP 68128 appears to be a mid-tier neighborhood within the Omaha-Council Bluffs metro area. It offers a balance between affordability and rental demand, with particular appeal for those involved in Section 8 due to its high renter share and below-metro average home values.
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.