Location: Morrill County, NE | Metro: Garden County, NE
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 69148 in Morrill County, Nebraska, reveals several key points that are crucial for landlords and small-portfolio investors considering investment in this area.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,020. However, the market rent data is currently unavailable, which means it's challenging to compare the FMR against actual market conditions. Without a benchmark, it's difficult to assess if rental income will cover expenses and provide a profit margin.
Secondly, the acquisition cost of properties must be evaluated. The median home value in ZIP 69148 stands at $320,387. This figure is significant because it provides insight into the average cost of acquiring a property. Unfortunately, the data on days on market (DOM) and the percentage of homes sold with a price cut is also missing, which would have helped in understanding how quickly properties sell and at what price point.
Lastly, tenant demand needs to be considered. With a population of just 54, the pool of potential tenants is quite limited. Additionally, the renter share of the population is 70.0%, indicating that most residents prefer renting over owning. Despite this high percentage, the small population size poses a challenge in ensuring consistent tenant occupancy.
In conclusion, while the high renter share suggests a preference for rental housing among the local population, the small number of residents limits the overall tenant demand. The lack of current market rent data complicates the assessment of whether the rent math works favorably, and the median home value indicates that property acquisition costs are relatively high. Therefore, investing in ZIP 69148 might not be financially viable due to the low population density and uncertain market rent figures, despite the strong inclination towards renting among the inhabitants.
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.