Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 68178 in fiscal year 2024 is set at $1260. This figure represents the maximum amount that a landlord can receive through the Section 8 Housing Choice Voucher program for a unit in this area. It's important to note that this is not the rent you would charge your tenant; it's the reimbursement limit for the voucher program.
In comparison, the average rent for a one-bedroom apartment in ZIP 68178, based on Census American Community Survey data, is approximately $920. The difference between the FMR and the local average rent suggests a potential opportunity for landlords who can offer properties that meet the quality standards required by the Section 8 program.
The 100.0% renter share indicates strong demand for rental properties in this area. With such high demand, landlords can expect a steady stream of tenants interested in using their vouchers to rent a property. However, since the acquisition cost is listed as N/A, it implies that there might be limited data available regarding the purchase price of homes in this ZIP code. This could mean that either the market is not well-documented, or it's a less active buying market compared to renting.
Before deciding to enter the Section 8 market with a rental property in ZIP 68178, ensure that your property meets all the necessary requirements for the program. These include safety and health standards, which must be maintained to keep receiving the monthly rental assistance payments. The Housing Quality Standards (HQS) inspection is critical and will determine whether your property qualifies for participation in the Section 8 program.
In summary, the FMR of $1260 provides a benchmark for the reimbursement rate in ZIP 68178, while the local average rent of $920 offers insight into the current market conditions. Given the strong demand for rentals, participating in the Section 8 program can be a stable investment, but it requires adherence to specific property standards to qualify.
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.