Location: Wheeler County, NE | Metro: Antelope 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 | $770 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $155,471 | 0.68% | D |
| 3BR | $1,470 | $212,171 | 0.69% | D |
U.S. Census Bureau data (2024)
ZIP code 68636, located in Elgin, Nebraska, stands out within the Wheeler County, NE metro area when comparing its Fair Market Rent (FMR), market rent, home values, and renter share. The FMR for the metro area in fiscal year 2026 is set at $960, while ZIP 68636 has a market rent of $634, indicating that it is significantly below the metro average. This makes ZIP 68636 a value pocket within its larger metropolitan context.
The median home value in ZIP 68636 is $246,452, which is also likely below the metro average given the lower market rent. This combination of low market rent and below-average home values suggests that the area could be particularly attractive for Section 8 tenants who seek affordable housing options. Additionally, the renter share in ZIP 68636 is 21.5%, which is a notable figure within the Wheeler County, NE metro.
A high renter share coupled with below-metro home values can indeed signal a sweet spot for Section 8 investments. Landlords and small-portfolio investors might find ZIP 68636 to be an advantageous location for properties aimed at Section 8 tenants due to the affordability and potential demand from renters. However, it's important to note that the FMR of $960 is higher than the actual market rent of $634, meaning there is a discrepancy between the government-set limit and what the market offers, potentially giving Section 8 tenants more options within their budget.
In summary, ZIP 68636 presents itself as a value pocket within the Wheeler County, NE metro, offering below-average rents and home values compared to the broader area. This positioning can make it a favorable investment for those interested in Section 8 housing, given the high proportion of renters and the affordability of the market.
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.