Location: Saline County, NE | Metro: Seward County, NE HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The neighborhood in ZIP code 68359, located in Friend, Nebraska, is a small community with a total population of 1,546 residents. Only 15.3% of these residents are renters, indicating a predominantly owner-occupied area. The median household income in this neighborhood is relatively high at $90,909, which suggests a stable and financially secure community. Additionally, the median home value stands at $232,950, reflecting a modest but comfortable housing market.
From an investment perspective, the Federal Market Rent (FMR) for ZIP 68359 in fiscal year 2024 is set at $920. This figure is notably higher than the current market rent, which according to Census ACS data, is approximately $731. This discrepancy between FMR and market rent creates an opportunity for landlords and small-portfolio investors who can leverage the higher voucher rates to improve their rental properties or manage them more effectively.
Given the characteristics of this neighborhood, it would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR compared to market rent ensures a steady stream of income without the need for extensive property management. On the other hand, hands-on investors could focus on enhancing the quality of their rental units to command rents closer to the FMR, thereby increasing profitability.
In conclusion, ZIP 68359 offers a stable environment for investment with a mix of financial opportunities. Its high median income supports a robust demand for housing, while the gap between FMR and market rent presents a clear advantage for those willing to participate in the Section 8 program.
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.