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 | $1,760 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,890 |
| 4 Bedrooms | $3,280 |
| 5 Bedrooms | $3,805 |
| 6 Bedrooms | $4,262 |
| 7 Bedrooms | $4,603 |
| 8 Bedrooms | $4,833 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,180 | $294,073 | 0.74% | D |
| 3BR | $2,890 | $321,957 | 0.9% | C |
| 4BR | $3,280 | $448,009 | 0.73% | D |
| 5BR | $3,805 | $519,175 | 0.73% | D |
U.S. Census Bureau data (2024)
ZIP code 68135, located in Omaha, NE, falls within the larger Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 68135 in fiscal year 2024 is set at $1760. This figure is slightly below the market rent of $1,817, indicating that the area is somewhat affordable compared to the broader market trends.
The median home value in ZIP 68135 is $388,396. This places it in the mid-tier range when compared to typical home values across the entire Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. The renter share in this ZIP code is 12.5%, which suggests a moderate level of rental activity.
To determine if ZIP 68135 represents a value pocket, mid-tier neighborhood, or a premium sub-market within its metro, we must consider the relationship between its FMR, market rent, and home values. Given that the FMR is just under the market rent and the home values are within a typical range, this area can be classified as a mid-tier neighborhood. It offers landlords and small-portfolio investors a balanced opportunity where rental income is reasonable but not exceptionally high, and property values reflect a middle ground in the local real estate market.
An interesting point of divergence is the relatively high renter share of 12.5%. In areas with a significant renter population and lower-than-average home values, there can be an increased appeal to Section 8 tenants. However, since the home values in ZIP 68135 are not notably below average for the metro area, this particular characteristic alone does not necessarily indicate a Section 8 sweet spot. Nonetheless, the combination of factors makes ZIP 68135 a noteworthy consideration for those interested in the Section 8 housing market within Omaha.
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.