Sarpy County/Papillion/68133

68133

ZIPSAFMR

Sarpy County, NE

View on ZillowZillow

ZIP Investment Score

75Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,330	$1,180	0.3%
1 BR	$1,390	$1,320	-0.9%
2 BR	$1,650	$1,820	-1.4%
3 BR	$2,190	$2,030	-1.6%
4 BR	$2,480	$2,540	-0.9%
5 BR	$2,852	Not available	-0.9%
6 BR	$3,280	Not available	-0.9%
7 BR	$3,772	Not available	-0.9%
8 BR	$4,338	Not available	-0.9%

Purchase Price Calculator

Maximum purchase price

$208,535

Cost breakdown

+Likely effective rent$1,820

HUD FMR$1,650

Market rent$1,930

Est. payment standard (110%)Used$1,820

-Principal and interest-$1,054

Loan amount$166,828

Down payment$41,707

Rate6.50%

Term30 years

-Operating costs-$566

Property taxes-$209

Insurance-$175

Utilities$0

HOA$0

Management-$182

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$29,211(70.0% ROI)

Projected value

$224,569

Return breakdown

Property appreciation+$16,034

Loan principal paid down+$5,977

Rental cash flow+$7,200

5-year hold

+$50,062(120.0% ROI)

Projected value

$235,938

Return breakdown

Property appreciation+$27,403

Loan principal paid down+$10,659

Rental cash flow+$12,000

10-year hold

+$107,805(258.5% ROI)

Projected value

$266,942

Return breakdown

Property appreciation+$58,407

Loan principal paid down+$25,398

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.13ratio

FMR$1,330

Market$1,180

vs market+$150

FMR is above market; underwrite to market rent.

1.13

1 BR

1.05ratio

FMR$1,390

Market$1,320

vs market+$70

FMR is near market; voucher and private rents are aligned.

1.05

2 BR

0.85ratio

FMR$1,650

Market$1,930

vs market-$280

FMR is below market; voucher rent may lag private rents.

0.85

3 BR

1.08ratio

FMR$2,190

Market$2,030

vs market+$160

FMR is near market; voucher and private rents are aligned.

1.08

4 BR

0.96ratio

FMR$2,480

Market$2,570

vs market-$90

FMR is near market; voucher and private rents are aligned.

0.96

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 68133 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 68133 (Papillion, NE) is $1,650 a month. That is up 4.4% from $1,580 in FY 2026. Papillion is in the Omaha-Council Bluffs, NE-IA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 15 ZIP codes in Sarpy County, 68133 is tied for the 6th-highest two-bedroom rent (county range $1,330–$2,050). The median county two-bedroom FMR in Nebraska is $1,014, so ZIP 68133 is 63% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 68133
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,260	$1,330	+5.6%	$1,197–$1,463
1BR	$1,330	$1,390	+4.5%	$1,251–$1,529
2BR	$1,580	$1,650	+4.4%	$1,485–$1,815
3BR	$2,090	$2,190	+4.8%	$1,971–$2,409
4BR	$2,360	$2,480	+5.1%	$2,232–$2,728

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 68133
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,330	$1,390	$1,650	$2,190	$2,480
FY 2026	$1,260	$1,330	$1,580	$2,090	$2,360
FY 2025	$1,300	$1,380	$1,660	$2,210	$2,450
FY 2024	$1,320	$1,430	$1,720	$2,300	$2,550
FY 2023	$1,200	$1,330	$1,620	$2,170	$2,410

Two-bedroom rent in nearby Sarpy County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 68133
68056	$1,600	−3.0%
68059	$1,600	−3.0%
68069	$1,540	−6.7%
68113	$1,820	+10.3%
68123	$1,650	0.0%
68128	$1,560	−5.5%
68133Current	$1,650	—
68136	$2,050	+24.2%
68137	$1,730	+4.8%
68138	$1,430	−13.3%
68147	$1,520	−7.9%
68157	$1,750	+6.1%

Questions about ZIP 68133 rents

How much will Section 8 pay for a two-bedroom in ZIP 68133?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,650, that basic range is $1,485 to $1,815 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 68133 in?

ZIP 68133 is in the Omaha-Council Bluffs, NE-IA HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 68133 for FY 2027?

The two-bedroom FMR rose 4.4%, from $1,580 in FY 2026 to $1,650 in FY 2027. Since FY 2023 it has risen 1.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Papillion, NE fair market rent NE statewide rents What is SAFMR?Data sources