Location: Madison County, NE | Metro: Madison County, NE
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
The economics of Section 8 housing in ZIP code 68702, located in Madison County, Nebraska, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2026 is set at $990 per month. This figure represents the maximum amount that a Section 8 voucher can cover for rent in this area.
To understand what landlords will receive from the voucher program, it's important to break down the components. A tenant using a Section 8 voucher typically pays 30% of their adjusted income toward rent. The remainder, up to the $990 limit, is paid by the housing authority. Additionally, there are utility allowances that vary but are separate from the rental payment.
For instance, if a tenant has an adjusted income of $1,000 per month, they would pay $300 towards rent ($1,000 x 0.30). The housing authority would then cover the difference between the tenant's contribution and the SAFMR, which in this case would be $690 ($990 - $300).
However, since the local market rent for a two-bedroom apartment in ZIP 68702 is listed as N/A, it's challenging to provide a precise comparison. Typically, landlords need to ensure their rental rates do not exceed the SAFMR to participate in the Section 8 program. If market rents are higher, landlords might face a shortfall unless they adjust their rates accordingly.
In summary, for a two-bedroom apartment in ZIP 68702, the SAFMR of $990 is the ceiling for what the voucher will cover. Landlords must consider whether their costs and desired profit margins align with this figure. If local market rents are lower than $990, landlords could see a surplus. Conversely, if market rents are higher, there could be a reimbursement gap, necessitating adjustments to remain competitive and compliant with the program.
Data Sources: FMR data from HUD (2027).
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.