Section 8 Fair Market Rent (FMR) for ZIP 68304 - 2027

Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$950
1 Bedroom	$990
2 Bedrooms	$1,190
3 Bedrooms	$1,590
4 Bedrooms	$1,790
5 Bedrooms	$2,076
6 Bedrooms	$2,325
7 Bedrooms	$2,511
8 Bedrooms	$2,637

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

414

Median Household Income

$79,000

Housing Units

173

Renter Percentage

27.7%

Occupancy Rate

96.0%

Renter Occupied

The ZIP code 68304, located in rural Nebraska, offers a stable environment for real estate investment. The area is characterized by a mix of agricultural and small-town living, making it attractive for both homeowners and renters seeking a quiet lifestyle.

Fair Market Rent (FMR): At $1,090 for FY 2024, the FMR indicates the average rental cost for a two-bedroom apartment, which is higher than the market rent but provides a benchmark for pricing.
Market Rent: According to Census ACS data, the average market rent is $543, suggesting that there is potential to increase rental rates without deterring tenants.
Median Home Value: With a median home value of $279,078, the area is moderately priced, offering good value for investment properties.
Renter Share: The 27.7% renter share shows a growing demand for rental properties, indicating that there is room for expansion in the rental market.
Days on Market (DOM): Although the data for DOM is not available, a steady rental market suggests that properties are likely to be rented out quickly once listed.
Median Income: The median income of $79,000 provides insight into the financial stability of residents, who are likely able to afford higher rents if the market supports it.

In summary, ZIP 68304 presents a balanced market with a modest median home value and a significant renter share. While the current market rent is below the FMR, there is potential to adjust rental prices upward. The strong median income suggests that residents can support higher rents, making this area a viable option for landlords and small-portfolio investors looking for a stable and growing rental market.

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.