Section 8 Fair Market Rent (FMR) for ZIP 53016 - 2027

Location: Dodge County, WI | Metro: Dodge County, WI

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$740
1 Bedroom	$830
2 Bedrooms	$1,040
3 Bedrooms	$1,380
4 Bedrooms	$1,380
5 Bedrooms	$1,601
6 Bedrooms	$1,793
7 Bedrooms	$1,936
8 Bedrooms	$2,033

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

360

Median Household Income

$70,313

Housing Units

180

Renter Percentage

31.7%

Occupancy Rate

91.1%

Renter Occupied

The ZIP code 53016, located in Wauwatosa, Wisconsin, offers a stable real estate market with a mix of residential properties. This area is characterized by its suburban setting, close proximity to Milwaukee, and a blend of older homes and newer developments.

Fair Market Rent (FMR): The FMR for ZIP 53016 is set at $1,040 for the fiscal year 2026, indicating a strong rental market supported by federal guidelines.
Market Rent: According to the latest Census American Community Survey (ACS) data, the average market rent stands at $929, suggesting that the actual rents charged are slightly below the FMR.
Renter Share: 31.7% of the residents in ZIP 53016 are renters, which means there's a significant portion of the population looking for rental housing options.
Median Income: The median household income in the area is $70,313, providing a solid economic foundation for both tenants and property owners.
Days on Market (DOM): Data on the typical days on market for rentals is currently unavailable, but given the steady demand and reasonable rents, it's likely that units are occupied promptly upon listing.

Investors looking to enter the Wauwatosa real estate market should focus on properties that can be rented for close to the FMR of $1,040. Despite the market rent being slightly lower at $929, the high renter share and median income indicate that the area has a strong potential for rental growth. The lack of specific days on market data does not detract from the overall positive outlook, as the combination of federal support through FMR and a robust local economy suggests a favorable environment for generating consistent rental income. For small-portfolio investors, this ZIP code presents an opportunity to diversify their holdings in a reliable market with good tenant prospects.

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.