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 | $930 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $201,968 | 0.57% | F |
| 3BR | $1,530 | $243,852 | 0.63% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 68463, which includes Weeping Water, Nebraska, is set at $980 per month for the fiscal year 2024. This figure represents the maximum amount that a landlord can charge a tenant under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is not the actual rent you will receive; it's the payment standard used by the government to determine the subsidy amount.
To put this into perspective, the average market rent in Weeping Water is $1,037 per month, according to recent Census Bureau data. This suggests that the FMR is slightly below the typical market rate, meaning you might need to adjust your expectations if you're planning on renting out a property under Section 8.
In Weeping Water, approximately 22.9% of residents are renters. This indicates a moderate level of rental demand, which could be beneficial if you're looking to fill a vacancy quickly. However, it also means that the competition for tenants may be somewhat limited, so it's crucial to ensure your property meets all the necessary requirements for Section 8 eligibility.
If you're considering purchasing a property for a Section 8 rental, the median home value in the area is around $226,733. This figure gives you an idea of the potential acquisition costs for a property in Weeping Water. Keep in mind that the final purchase price can vary based on the condition and location of the property.
Before you decide to take the plunge and enroll your property in the Section 8 program, there is one critical step you must verify: ensure that your property complies with the Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and cover a range of safety and habitability criteria. A thorough inspection and any necessary repairs to meet these standards should be completed before you apply for the program.
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.