Location: Greeley County, NE | Metro: Howard County, NE HUD Metro FMR Area
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 | $730 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,210 | $229,503 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 68875 presents a dynamic market that reflects both the current state of housing and potential future pressures. With a Fair Market Rent (FMR) set at $870 for the fiscal year 2024, it's clear that the rental market is valued higher by the government than the average market rent, which stands at $578 according to the Census ACS. This discrepancy suggests that the rental market may be underpriced relative to what is considered fair, indicating a possible upward pressure on rents.
The median home value in the area is $202,213, a figure that provides insight into the overall cost of homeownership. While the percentage of price-cut share and days on market (DOM) are not available, we can infer that if the market rent is significantly lower than the FMR, there might be a surplus of rental units, which could temporarily indicate that supply slightly outpaces demand. However, this doesn't necessarily mean that the same dynamics apply to the home sales market, which could still be robust given the median home value.
A 19.9% renter share points towards a significant portion of the population choosing or being compelled to rent rather than buy. This trend can signal long-term housing pressure, as a higher proportion of renters often correlates with an inability to afford homeownership, either due to financial constraints or other factors such as job instability or credit issues. As a result, landlords and small-portfolio investors should expect ongoing demand for rental properties in this ZIP code, even if it's currently at a lower rate compared to the FMR.
In summary, ZIP 68875 is a market experiencing a balance between rental and homeownership dynamics. The gap between FMR and market rent, along with the relatively high median home value, suggests a complex interplay of supply and demand. For investors, this means that while the rental market may offer opportunities to capture undervalued properties, the persistent renter share indicates a steady demand for affordable housing solutions.
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.