FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR
1.11ratio
FMR$1,940
Market$1,750
vs market+$190
FMR is above market; underwrite to market rent.
1.11
4 BR
4 BR
1.15ratio
FMR$2,190
Market$1,900
vs market+$290
FMR is above market; underwrite to market rent.
1.15
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
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ZIP 68197 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 68197 (Omaha, NE) is $1,460 a month. That is up 6.6% from $1,370 in FY 2026. Omaha 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 49 ZIP codes in Douglas County, 68197 is tied for the 24th-highest two-bedroom rent (county range $1,180–$2,180). The median county two-bedroom FMR in Nebraska is $1,014, so ZIP 68197 is 44% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 68197
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,090
$1,180
+8.3%
$1,062–$1,298
1BR
$1,150
$1,230
+7.0%
$1,107–$1,353
2BR
$1,370
$1,460
+6.6%
$1,314–$1,606
3BR
$1,820
$1,940
+6.6%
$1,746–$2,134
4BR
$2,050
$2,190
+6.8%
$1,971–$2,409
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 68197
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,180
$1,230
$1,460
$1,940
$2,190
FY 2026
$1,090
$1,150
$1,370
$1,820
$2,050
FY 2025
$1,000
$1,060
$1,270
$1,690
$1,880
FY 2024
$900
$980
$1,180
$1,580
$1,750
FY 2023
$810
$890
$1,090
$1,460
$1,620
Two-bedroom rent in nearby Douglas County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 68197?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,460, that basic range is $1,314 to $1,606 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 68197 in?
ZIP 68197 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 68197 for FY 2027?
The two-bedroom FMR rose 6.6%, from $1,370 in FY 2026 to $1,460 in FY 2027. Since FY 2023 it has risen 33.9%.
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