Location: Howard County, NE | Metro: Howard County, NE HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 68838 in fiscal year 2024 is set at $900. This figure represents the payment standard for Section 8 vouchers, meaning it's the maximum amount the government will pay towards rent for a unit in this area. However, it's important to note that this is not necessarily the rent you can charge your tenant; the actual rent must be reasonable and comparable to market rates.
In comparison, the average rent for the area, according to the latest Census American Community Survey (ACS), is around $580. This indicates that the FMR for Section 8 is higher than the typical rent in the area, which could be beneficial for landlords looking to cover their costs and make a profit. The difference between the FMR and the local average rent suggests that Section 8 vouchers can help bridge the gap for tenants who might otherwise struggle to afford housing.
About 25% of the residents in ZIP 68838 are renters, indicating a moderate demand for rental properties. This percentage shows that there is a significant portion of the population relying on rental housing, which could translate into steady occupancy if you manage your property well.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in the area is approximately $243,198. This figure reflects the typical price you would expect to pay for a house in ZIP 68838, providing a benchmark for your investment decisions. Given the FMR and the local average rent, it's possible to find properties that offer a good return on investment while still being affordable for Section 8 tenants.
Before making a final decision, verify that the property meets all the required standards for Section 8 rentals. These include safety, health, and habitability requirements as outlined by HUD. Ensuring compliance with these standards upfront will save you time and money in the long run, and keep your rental attractive to potential tenants.
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.