Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
The median income in ZIP code 68403 stands at $65,000, which provides a baseline for understanding the financial capacity of the typical household. However, without a specific figure for the market rate rental price, it's challenging to make a direct comparison. What we do know is that the Fair Market Rent (FMR) for this area, as determined by the Housing Choice Voucher program for fiscal year 2024, is set at $980. This figure represents the maximum amount that landlords can charge tenants who receive housing vouchers.
To contextualize these numbers, let’s consider the broader implications. With only 6.8% of the 206-person population renting, the competition among landlords is relatively low. This means that securing tenants who can pay the full market rate might be difficult due to the limited pool of potential renters. The affordability gap between the median income and the FMR highlights a challenge for renters, as they must find ways to cover the costs of living within their budget constraints.
For landlords, the decision to accept voucher payments versus seeking cash-paying tenants hinges on several factors. Given the low percentage of renters and the small population size, finding cash-paying tenants who can afford the market rate may be particularly tough. Accepting voucher payments ensures a steady stream of income, albeit capped at $980 per month, which aligns with the government-set FMR.
The takeaway for landlords is clear: in ZIP 68403, the strategy of accepting voucher payments can be a reliable way to ensure occupancy and stable income. While cash-paying tenants might offer higher rents, the difficulty in attracting them makes voucher tenants a practical choice. Landlords should weigh the benefits of guaranteed payments against the potential for higher rents from fewer cash-paying tenants.
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.