Location: Manitowoc County, WI | Metro: Sheboygan, 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 | $890 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,420 | $311,275 | 0.46% | F |
U.S. Census Bureau data (2024)
ZIP code 53015, located within Manitowoc County, WI, presents a unique profile when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 53015 in fiscal year 2024 is set at $950, slightly below the market rent of $968. This indicates that while the government rental assistance through Section 8 is designed to cover the majority of the rental costs, there's a marginal gap landlords might need to consider.
The median home value in ZIP 53015 stands at $311,934, which is relatively modest compared to other areas within the county. This figure suggests that the area may be more affordable for both renters and homeowners, potentially attracting a diverse range of residents.
A notable aspect of ZIP 53015 is its 11.7% renter share. While this percentage is not exceptionally high, it does indicate a significant portion of the population relies on rental housing. When combined with the lower FMR and median home value, it suggests that this ZIP code could be an attractive location for landlords participating in the Section 8 program. The slightly higher market rent compared to the FMR also implies that landlords can potentially command a small premium over the subsidized rates.
In summary, ZIP 53015 appears to be a mid-tier neighborhood within its metro. It offers a balance between affordability and demand for rental properties. The presence of a notable renter share, particularly those likely to benefit from Section 8, coupled with below-average home values, makes it a value pocket for investors looking to capitalize on government-assisted housing programs without the risk of premium sub-markets where competition for tenants is fierce.
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.