Location: Milwaukee-Waukesha, 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $311,511 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 53007 stands out in its county with a population of 1,859 residents, where 48.2% are renters. The median household income in this area is $60,000, indicating a middle-class community. Despite this, the median home value is notably high at $288,503, suggesting that homeownership is relatively expensive compared to the average income.
Moving into the specifics of Section 8 housing economics, the Fair Market Rent (FMR) for ZIP 53007 in fiscal year 2024 is set at $1,070. This is significantly higher than the market rent, which is recorded at $890 according to the latest Census American Community Survey data. Landlords participating in the Section 8 program can expect to receive a subsidy that covers the difference between the tenant's portion and the FMR, making it financially viable to rent properties to tenants with vouchers.
The data signature for ZIP 53007 reads as stable. With a consistent rental rate and a defined FMR, landlords can plan their budgets and investments with confidence. The higher FMR compared to the market rent provides a buffer against potential increases in maintenance costs or property taxes, ensuring steady returns for small-portfolio investors. The high median home value also suggests that the area is attractive to buyers, which could positively impact the rental market over time as demand for housing remains strong.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.