Location: Cherry County, NE | Metro: Brown County, NE
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $970 for ZIP 69214 (Johnstown, NE) can cover the mortgage on a typical home. While the median home value for the area is not directly provided, according to Realtor.com and Redfin, the local real estate market tends to have lower-than-average home values. This suggests that mortgages for properties in ZIP 69214 are likely to be manageable within the FMR range.
The rental demand at 39.6% might seem low, but it's important to consider the context. The 69214 ZIP code supports both business and residential activity, with 4 business establishments employing approximately 12 people. The annual payroll of $516,000 indicates a stable employment base which can contribute to steady rental demand. Additionally, the median rent of $890 per month is lower than the FMR, suggesting that the market is competitive but not oversaturated.
Regarding whether vouchers will keep pace with the market rents, the data shows that the median rent is $890, slightly below the FMR of $970. However, specific information on voucher utilization in ZIP 69214 is not available. The Housing Choice Voucher Program generally aims to cover the cost of decent, safe, and sanitary housing in the private market, but the exact amount can vary based on local conditions and the specific terms of the voucher.
To summarize:
Note: Some data points were not fully covered in the available sources, such as the median home value and specific voucher utilization rates. These gaps highlight the need for further research into the local real estate and housing assistance landscape.
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.