Section 8 Fair Market Rent (FMR) for ZIP 68924 - 2027

Location: Phelps County, NE | Metro: Kearney County, NE

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,090
1 Bedroom	$1,150
2 Bedrooms	$1,500
3 Bedrooms	$1,790
4 Bedrooms	$2,050
5 Bedrooms	$2,378
6 Bedrooms	$2,663
7 Bedrooms	$2,876
8 Bedrooms	$3,020

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,348

Median Household Income

$85,000

Housing Units

570

Renter Percentage

14.7%

Occupancy Rate

95.4%

Renter Occupied

A household in ZIP code 68924, with a median income of $85,000, faces a significant challenge in affording the market rate rent of $1,169. This figure represents the average cost of renting a home without any assistance, placing considerable strain on the typical family budget.

The Federal Market Rent (FMR) standard for Section 8 vouchers in the metro area for fiscal year 2026 stands at $1,410. This amount is higher than the current market rate, suggesting that voucher holders could potentially pay more than non-assisted renters. However, the difference between the FMR and the market rate indicates an affordability gap for those relying solely on their income to cover rent expenses.

Given that only 14.7% of the 1,348 residents are renters, the competition among landlords for tenants is relatively low. This means that securing a tenant might be easier, but it also implies that there is less demand overall, which could affect rental prices and occupancy rates.

Takeaway for Landlords:

Consider accepting Section 8 vouchers to attract tenants who can afford higher rents ($1,410) compared to the market rate ($1,169).
Be prepared for lower competition among landlords, which may limit your ability to increase rents significantly.
Evaluate the benefits of steady government-backed payments versus the potential for slightly higher rents from cash-paying 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.