Location: Phelps County, NE | Metro: Dawson 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 | $790 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $141,020 | 0.77% | D |
| 3BR | $1,380 | $235,857 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 68863, located in Overton, NE, has a population of 1,410 individuals, with 34.2% being renters. This indicates that Overton is primarily a homeowner-dominated area rather than a renter-heavy market. The median household income stands at $100,929, which is significantly higher than the average market rent of $581 per month.
To put this into perspective, the typical rent consumes only about 7% of the local median income. This low percentage suggests that most residents can afford market rents without assistance. However, the Federal Market Rent (FMR) for the metro area is set at $960 per month for FY 2026, which is notably higher than the current market rent in Overton. This discrepancy could indicate limited demand for rental properties using Section 8 vouchers, as the FMR is designed to reflect a higher threshold of affordability.
A landlord in Overton, NE, should expect tenants who are likely to be financially stable and capable of paying rent from their own resources. While some tenants might use Section 8 vouchers, the scarcity of such demand due to the lower market rent compared to the FMR means that landlords will mostly encounter individuals who do not require rental assistance. The combination of a relatively high median income and a low market rent makes Overton an attractive location for landlords seeking reliable tenants without the complexities often associated with voucher programs.
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.