Location: Phelps County, NE | Metro: Gosper County, NE
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The market in ZIP code 68927 is characterized by a significant gap between the Fair Market Rent (FMR) and the actual market rent, suggesting a dynamic environment where rental prices are below what HUD deems fair. The FMR stands at $1,160 for the fiscal year 2026, while the current market rent, based on Census ACS data, is notably lower at $717. This discrepancy indicates that there might be an oversupply of rental units relative to demand, or that tenants are finding it difficult to afford higher rents, leading to a competitive market among landlords.
The median home value in the area is $220,349, which provides a benchmark for property values but does not directly indicate the direction of the market's trajectory without historical context. However, the fact that the data does not specify a percentage for price-cut share or days on market (DOM) suggests that there is either insufficient data or the market is relatively stable, with few properties needing significant price adjustments or extended listing times.
A 15.0% renter share highlights that a minority of residents are renters, which could imply that homeownership is more prevalent. Yet, this same figure also points to ongoing long-term housing pressure. With a smaller proportion of the population renting, landlords can expect steady demand from those who prefer or need to rent, such as young professionals, students, or individuals with short-term living needs. This consistent demand can support rental markets, even if they do not represent the majority of the housing stock.
The dynamics of this market reveal a balance between rental affordability and potential homeowner stability. Landlords should consider these factors when setting rents or pricing homes for sale, ensuring they remain competitive yet reflective of the broader economic conditions. The low market rent compared to FMR also presents opportunities for landlords to gradually increase rents, aligning more closely with HUD guidelines, as long as they maintain quality and amenities that attract 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.