Section 8 Fair Market Rent (FMR) for ZIP 53020 - 2027

Location: Manitowoc County, WI | Metro: Appleton, WI MSA

Investment Score for ZIP 53020

N/A

Monthly Rent (2BR)

$1,370

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$960
1 Bedroom	$1,070
2 Bedrooms	$1,370
3 Bedrooms	$1,640
4 Bedrooms	$1,850
5 Bedrooms	$2,146
6 Bedrooms	$2,404
7 Bedrooms	$2,596
8 Bedrooms	$2,726

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,640	$468,136	0.35%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,431

Median Household Income

$89,155

Housing Units

1,877

Renter Percentage

12.4%

Occupancy Rate

81.9%

Renter Occupied

190

ZIP code 53020, located in Wauwatosa, Wisconsin, offers a stable rental market with moderate competition among property owners. The area is characterized by a mix of residential neighborhoods, featuring both single-family homes and multi-unit buildings.

The Fair Market Rent (FMR) for ZIP 53020 is set at $1,160 per month for fiscal year 2024, according to HUD's published data.
The average market rent in the area is $1,041, based on the latest figures from the Census Bureau's American Community Survey.
The median home value in ZIP 53020 stands at $461,754, indicating a middle-class neighborhood with solid equity potential for homeowners.
Renters make up 12.4% of the housing market, suggesting that while the majority of residents own their homes, there is still a significant demand for rental properties.
The median household income in the area is $89,155, providing insight into the economic stability of potential tenants.

Given the data points above, investors can expect a modest but steady rental market in ZIP 53020. With the FMR slightly above the market rent, landlords have room to adjust their pricing without being too far out of line with what tenants can afford. The relatively low renter share suggests that competition for rental units might be less intense compared to more urban areas, yet the median income indicates that tenants are likely to be financially stable. This combination supports the idea that rental properties in this area will attract reliable tenants and maintain a consistent cash flow, making it a suitable investment for those seeking a low-risk, stable return.

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.