Location: Dodge County, WI | Metro: Milwaukee-Waukesha, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
ZIP code 53002, located within the Dodge County, WI metro, presents an interesting case when compared to other ZIP codes in the area. The Fair Market Rent (FMR) for ZIP 53002 is set at $1110 for fiscal year 2024, which is notably higher than the average market rent of $939. This suggests that properties in 53002 are more expensive when subsidized by the government through the Section 8 program.
The median home value in 53002 stands at $414,209, which is likely above the county-wide average, indicating a relatively affluent neighborhood. However, the renter share of 14.5% is significant and points towards a substantial number of residents who rely on rental housing. This combination of factors — a high renter share with above-average home values — does not necessarily indicate a Section 8 sweet spot, as typically such areas would have lower home values.
To determine if 53002 is a value pocket, a mid-tier neighborhood, or a premium sub-market, we must consider the context of the Dodge County, WI metro. Given the higher FMR and median home value, it is reasonable to conclude that 53002 leans more towards being a premium sub-market. Landlords and small-portfolio investors should be aware that while the subsidy rates are generous, the overall cost of living and property values in this ZIP code are elevated.
However, the relatively high renter share could still present opportunities for those interested in Section 8 participation. Investors might find that the demand for rental units, supported by the Section 8 program, can help stabilize occupancy rates and ensure steady cash flows despite the higher costs associated with the area.
A comparison with typical Dodge County ZIP codes would reveal further insights into how 53002 stands out. For instance, if the county's average FMR is lower than $1110 and the average home value is less than $414,209, then 53002 indeed represents a premium sub-market within the county.
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.