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 | $1,220 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,520 | $203,349 | 0.75% | D |
| 3BR | $2,020 | $259,905 | 0.78% | D |
| 4BR | $2,280 | $345,225 | 0.66% | D |
U.S. Census Bureau data (2024)
A skeptical investor might raise several concerns regarding the real estate market in ZIP 68147 (Bellevue, NE), particularly related to financial feasibility and demand.
One objection could be whether the Fair Market Rent (FMR) of $1,180 for ZIP 68147 in fiscal year 2024 will cover the mortgage on a $249,303 home. According to recent data, the average rent in 68147 is currently $1,975, which suggests that FMR is significantly lower than the market rate. However, it's important to note that FMR is designed to reflect a minimum threshold rather than the actual market conditions. Therefore, while FMR alone might not cover the mortgage, the higher market rents can provide a more realistic basis for financial planning.
Another concern might be the adequacy of renter demand at 20.4%. The data indicates that there are 444 single-family homes for rent listed in 68147 and nearby areas, suggesting a moderate level of rental activity. Additionally, the recent increase in home sales from 29 in January 2025 to 43 in January 2026 signals growing interest in the area. While the 20.4% figure is relatively low, it does not necessarily indicate insufficient demand; rather, it reflects the balance between homeownership and renting.
The final objection could be whether housing vouchers will keep pace with the $1,219 market rents. The current FMR of $1,180 for 2024 is slightly below the market rent, but it's crucial to understand that voucher amounts can vary and are often adjusted based on individual circumstances and needs. Furthermore, the increase in median home prices to $253K and the rising trend in rental prices suggest that the local economy is stable and potentially growing, which could lead to adjustments in voucher policies to better align with market conditions.
In summary, while the data presents some challenges, it also highlights opportunities. The higher market rents can offset the lower FMR, and the moderate rental demand combined with increasing home sales indicates a healthy real estate market. Investors should monitor local economic trends and policy updates to ensure they are well-informed.
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.