Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
U.S. Census Bureau data (2024)
ZIP code 68138, located in Omaha, NE, falls within the larger Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 68138 is set at $1,080 for fiscal year 2024, which is lower than the market rent of $1,519. This indicates that properties in this ZIP are more affordable for those receiving housing assistance through Section 8.
The median home value in ZIP 68138 is $291,501, reflecting a middle-range price point compared to other ZIP codes within the Omaha-Council Bluffs metro area. With a renter share of 33.0%, it suggests a moderate demand for rental properties in this area.
When comparing these figures to typical ZIP codes within the Omaha-Council Bluffs, NE-IA HUD Metro FMR Area, ZIP 68138 stands out as a value pocket. The discrepancy between the FMR and the market rent, along with the below-average home value, makes it an attractive location for both landlords and small-portfolio investors seeking to serve tenants who rely on Section 8 vouchers. However, the renter share is not exceptionally high, so it doesn't qualify as a prime Section 8 sweet spot where there's a significant concentration of renters with limited income options.
A value pocket like ZIP 68138 offers opportunities for landlords to offer competitive rents while still benefiting from the support of the Section 8 program. Investors can find properties that are priced reasonably and have a good balance between affordability and market demand.
Data Sources: FMR data from HUD (2027). 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.