Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA 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 | $1,160 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,910 | $285,638 | 0.67% | D |
U.S. Census Bureau data (2024)
The ZIP code 68409 stands out in its county with a unique mix of demographics and housing economics. With only 625 residents, it represents a small community where 12.7% of the population rents their homes. The median income in this area is $92,045, which is relatively high compared to the national average, indicating a prosperous local economy. However, the median home value of $289,842 suggests that homeownership is more common, with fewer units available for rent.
In terms of voucher economics, the Federal Market Rent (FMR) for ZIP 68409 in fiscal year 2024 is set at $1,130. This figure is slightly below the market rate of $1,181, based on Census American Community Survey data. Landlords and small-portfolio investors should note that while the FMR is lower, the overall median income supports a robust rental market. Tenants receiving vouchers will likely have additional resources to cover the difference between the FMR and market rates, making the ZIP code attractive for those willing to participate in the Section 8 program.
The data signature for ZIP 68409 reads as stable. Despite the low percentage of renters, the strong median income and reasonable median home values suggest that the housing market is unlikely to experience significant volatility. For investors, this stability means that there is a consistent demand for rental properties, even if the number of units is limited. The slight gap between FMR and market rates indicates that there is potential for steady, modest returns on investment for those who can attract tenants with vouchers.
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.