Location: Sheboygan, WI | Metro: Milwaukee-Waukesha, WI MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $299,296 | 0.4% | F |
| 3BR | $1,490 | $382,129 | 0.39% | F |
| 4BR | $1,610 | $410,230 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 53004 in Belgium, WI, represents a quiet suburban neighborhood with a total population of 3,475 residents. Only 14.6% of these residents are renters, indicating a predominantly owner-occupied area. The median household income here stands at $84,821, which is significantly higher than the national average, suggesting an affluent community. The median home value in this ZIP code is $387,223, reflecting the high cost of living and property values typical of such areas.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 53004 as set by HUD for fiscal year 2024 is $1,050. This figure is notably higher than the reported market rent of $982, according to the latest Census ACS data. This discrepancy highlights a potential opportunity for landlords participating in the Section 8 program, as they can receive higher rents through the voucher system compared to the local market rate.
Given the characteristics of ZIP 53004, it is suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the area's low percentage of renters and relatively high FMR suggest a stable and predictable investment environment. Landlords can expect consistent demand from tenants eligible for Section 8 vouchers, ensuring steady cash flow without the need for extensive property management activities.
On the other hand, value-add buyers might find opportunities in this ZIP code due to the potential for increasing property values and rents over time. With a median income above the national average, there is a strong likelihood that the economic conditions will support future growth. However, investors should be prepared to engage in some level of property management to ensure compliance with Section 8 requirements and maintain the quality of their properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.