Section 8 Fair Market Rent (FMR) for ZIP 68349 - 2027

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

Investment Score for ZIP 68349

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$224,574

1% Rule

0.45%

Annual Yield

5.4%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$850
2 Bedrooms	$1,010
3 Bedrooms	$1,360
4 Bedrooms	$1,530
5 Bedrooms	$1,775
6 Bedrooms	$1,988
7 Bedrooms	$2,147
8 Bedrooms	$2,254

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,010	$224,574	0.45%	F
3BR	$1,360	$319,648	0.43%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,224

Median Household Income

$76,369

Housing Units

527

Renter Percentage

16.4%

Occupancy Rate

95.8%

Renter Occupied

The ZIP code 68349, located in Elmwood, Nebraska, is a small-town area with a stable economy and a mix of housing types. The real estate market here is characterized by moderate rental demand and relatively low vacancy rates, making it an attractive option for investors looking for steady returns.

The Fair Market Rent (FMR) for ZIP 68349 is set at $980 per month for the fiscal year 2024, indicating the government's benchmark for affordable rental rates in the area.
The actual market rent, based on Census ACS data, stands at $730 per month, suggesting that rents are below the FMR, which could be beneficial for attracting tenants who qualify for Section 8 housing assistance.
The median home value in the area is $269,823, reflecting a middle-class neighborhood where property values are reasonable and likely to appreciate steadily over time.
Renters make up 16.4% of the local population, a figure that suggests a smaller but still significant portion of the community relies on rental housing, including potential Section 8 participants.
The median income in ZIP 68349 is $76,369, providing insight into the economic status of residents and their ability to afford higher rents or home purchases.
The Days on Market (DOM) for properties in this ZIP code is listed as N/A, which could imply that sales data might not be comprehensive or frequently updated, though this does not necessarily indicate a lack of activity.

Investors interested in the Elmwood, NE market should consider the lower-than-FMR market rents as an opportunity to attract Section 8 tenants while maintaining competitive pricing. The median home value indicates a stable asset base with growth potential, especially given the moderate income levels of the residents. With a sizable yet not overwhelming renter share, there is a balanced demand for both rental and owner-occupied properties. However, the lack of specific DOM data suggests caution in relying solely on this metric for investment decisions. Overall, ZIP 68349 presents a modest but promising real estate investment landscape, particularly for those focusing on long-term stability and gradual appreciation.

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.