Location: Hitchcock County, NE | Metro: Hayes County, NE
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 69040, with a population of 566, has 12.9% of its residents classified as renters. This indicates that it is not a heavily renter-dominated area but rather leans towards homeownership. The median household income stands at $73,750, which provides a benchmark for assessing rental affordability.
A typical market rent of $775 consumes approximately 1.05% of the median annual income. This calculation is derived from dividing the monthly rent by the annual income ($775 / $73,750 * 12 months), revealing that rent is relatively low compared to the average income. However, this percentage also highlights that while rent is affordable, it still represents a significant portion of monthly income, around 10.5%.
When comparing the market rent to the Fair Market Rent (FMR) of $960, which is set for fiscal year 2026, it becomes evident that the market rent is below the FMR. This suggests that landlords in ZIP 69040 can potentially attract tenants who qualify for housing vouchers without having to increase their rents significantly. The gap between the market rent and FMR could be an advantage for landlords looking to fill vacancies with Section 8 tenants, as it leaves room for voucher assistance to cover the difference.
The expected tenant profile in this ZIP code would likely consist of individuals or families who benefit from housing vouchers due to lower incomes relative to the median. Given the limited number of renters and the overall income level, these tenants would probably be cautious spenders, prioritizing housing costs within their budget. They might also seek additional support services to manage other expenses effectively.
In conclusion, ZIP 69040 is more homeowner-oriented than renter-heavy, with a moderate potential for attracting Section 8 tenants. Landlords should prepare for tenants who are financially prudent and possibly rely on government assistance to meet their housing needs. The relatively low market rent makes it feasible for such tenants to afford living in this ZIP code without straining their financial resources excessively.
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.