Location: Saline County, NE | Metro: Seward County, NE HUD Metro FMR Area
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 | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $242,301 | 0.42% | F |
| 3BR | $1,410 | $311,311 | 0.45% | F |
| 4BR | $1,670 | $360,212 | 0.46% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 68405, which encompasses Milford, Nebraska, stands at $75,250. Given the market rate for rent at $890 per month, it becomes evident that affordability is a significant concern for local renters. To put this into perspective, a household earning the median income would spend approximately 13.8% of their annual income on rent alone, which is already a considerable portion.
Comparatively, the Federal Market Rent (FMR) standard for voucher payments in ZIP 68405 for fiscal year 2024 is set at $870. This means that while the market rate is slightly higher, the voucher amount is nearly equivalent. However, the gap between the median income and both the market rate and voucher standard highlights a notable challenge for households in this area.
With 35.0% of the population renting and a total population of 3,575, there is a significant number of potential tenants who may struggle to afford the market rate. This scenario likely increases competition among landlords, as they must consider offering either lower rents or accepting voucher payments to attract and retain tenants.
The takeaway for landlords considering their strategy in ZIP 68405 is clear: accepting vouchers can be a viable option to secure a steady stream of rental income. While the market rate offers a slightly higher return, the affordability gap suggests that many households will lean towards the security and predictability of voucher-assisted housing. Landlords who adapt their policies to accommodate both cash-paying tenants and those with vouchers will position themselves more favorably in the competitive rental market of Milford, Nebraska.
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.