Location: Richardson County, NE | Metro: Nemaha County, NE
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 | $730 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $94,929 | 1.06% | B |
| 3BR | $1,240 | $197,245 | 0.63% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 68376, which encompasses Humboldt, Nebraska, and parts of Richardson County, operate under specific financial guidelines that directly impact landlords and small-portfolio investors. For fiscal year 2026, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $960. This figure represents the maximum amount that the Section 8 program will reimburse landlords for rent.
In contrast, the local market rent for a two-bedroom unit, based on Census ACS data, averages around $504. This discrepancy highlights the potential financial benefits and challenges associated with participating in the Section 8 program in this area.
A landlord who accepts a Section 8 voucher must understand the payment structure. The voucher itself covers the difference between the tenant's portion of the rent and the total rent charged. Typically, tenants are required to pay 30% of their adjusted income towards rent. If we assume an average adjusted income for a family of four is around $20,000, then the tenant would contribute approximately $150 per month (30% of $20,000 divided by 12 months).
The remaining amount, up to the SAFMR of $960, is covered by the Section 8 program. However, the actual reimbursement received by the landlord is the lesser of the tenant’s voucher amount or the SAFMR. In ZIP 68376, since the market rent is significantly lower than the SAFMR, landlords can expect the voucher to cover the majority of the tenant's rent. Additionally, the program includes utility allowances, which vary but are typically around $200-$300 per month for a two-bedroom apartment. These allowances are intended to help cover electricity, gas, water, and other household utilities.
To illustrate, if a landlord charges $504 for a two-bedroom apartment, and the tenant contributes $150, the Section 8 program would cover the remaining $354. Adding a utility allowance of $200, the landlord receives a total of $554 per month. This example assumes the utility allowance is on the lower end of the spectrum; higher allowances could increase the total reimbursement closer to the market rent.
The SAFMR being set for this specific ZIP code ensures that the reimbursement rates are tailored to the local rental market conditions, providing a fairer compensation model compared to broader metropolitan or county-level rates.
Given these numbers, there is a $456 surplus ($960 - $504) between the SAFMR and the local market rent for a two-bedroom apartment in ZIP 68376. This surplus allows landlords to potentially earn above the local market rate without exceeding the SAFMR limit, making Section 8 participation financially viable in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.