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 | $1,190 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,880 | $533,262 | 0.35% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53017 in fiscal year 2024 is set at $1,290. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for Section 8 housing assistance. It does not reflect the rent you will charge your tenants but rather the maximum amount HUD will pay toward rent for eligible families in this area.
To put this into perspective, the average rent for ZIP 53017 based on Census American Community Survey (ACS) data is $1,255. This indicates that the FMR is slightly above the average market rate, which can be beneficial for landlords participating in the Section 8 program as it ensures they receive a fair rental income.
Renters make up 3.4% of the population in ZIP 53017. This suggests there is a steady demand for rental properties in the area, making it a viable market for those looking to enter the Section 8 rental business. With an estimated total acquisition cost of $569,376, this figure can help potential investors understand the financial commitment required to purchase a property suitable for Section 8 tenancy.
Before deciding to participate in the Section 8 program, verify that your property meets all the necessary quality standards set by HUD. These standards ensure that the homes are safe, decent, and sanitary for tenants. Compliance with these requirements is crucial as it directly affects your eligibility to receive the FMR payments from HUD.
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.