Location: Howard County, NE | Metro: Hall County, NE HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The classification of ZIP 68803 in Grand Island, Nebraska, reveals a market that balances moderate yield potential with reasonable stability. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1,000 for a unit, which is significantly lower than the market rent of $1,365. This suggests a yield opportunity, as landlords can potentially charge above the FMR and capture additional rental income.
To put this into perspective, the median home value in ZIP 68803 is $283,470. Given this figure, the rental income of $1,365 per month translates to an annual rental income of $16,380, which represents a gross yield of approximately 5.78% based on the home value. This is a modest yield but still attractive for many investors seeking steady cash flow.
Regarding stability, 37.1% of residents in ZIP 68803 are renters, indicating a stable demand for rental properties. While the data does not provide days on market (DOM), the median household income of $73,463 supports the ability of tenants to meet their rent obligations. This income level is consistent with the rental prices, suggesting a balanced market where tenants can afford to live without significant financial strain.
The combination of these factors places ZIP 68803 in a category that leans towards a steady-cashflow zone rather than a high-yield/low-stability market. Although there is room for yield improvement by charging above the FMR, the relatively high percentage of renters and solid median income suggest a stable tenant base. This makes it less risky for landlords and small-portfolio investors compared to areas with higher volatility.
In summary, ZIP 68803 offers a moderate yield with a gross rental yield of about 5.78%, while its stability metrics indicate a reliable tenant pool. This balance makes it suitable for investors looking for consistent returns without the high risk associated with flipping properties in unstable markets.
Data Sources: FMR data from HUD (2027). 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.