Section 8 Fair Market Rent (FMR) for ZIP 53021 - 2027

Location: Sheboygan, WI | Metro: Milwaukee-Waukesha, WI MSA

Investment Score for ZIP 53021

N/A

Monthly Rent (2BR)

$1,210

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	$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

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	$1,490	$400,570	0.37%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,537

Median Household Income

$89,779

Housing Units

1,819

Renter Percentage

20.0%

Occupancy Rate

93.7%

Renter Occupied

340

ZIP code 53021, located in Wauwatosa, Wisconsin, is a suburban area known for its family-friendly environment and proximity to Milwaukee. The local real estate market offers opportunities for both homeownership and rental investments, with a mix of single-family homes and multi-unit properties.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 53021 for fiscal year 2024 is set at $1,100.
According to the latest Census American Community Survey (ACS), the average market rent for the area is $1,005, indicating a slight premium for subsidized housing units.
The median home value in ZIP 53021 stands at $414,497, reflecting the established nature of the neighborhood and the demand for larger, owner-occupied properties.
Renters make up 20.0% of the total population, suggesting a moderate but stable rental market with potential for growth.
The median income in the area is $89,779, which supports a healthy economic base and suggests that residents can afford higher rents or mortgage payments.
Note: Data on days on market (DOM) for rentals was not available, which could be indicative of either a very efficient market or limited data reporting.

The combination of a slightly above-average FMR compared to the market rent, a robust median income, and a moderate rental share indicates that ZIP 53021 presents a balanced investment opportunity. Landlords and small-portfolio investors can expect steady demand for rental properties, particularly those that offer affordability close to the FMR. However, the lack of days on market data for rentals should be considered when assessing the speed at which properties can be leased out. Overall, the area's economic stability and family-oriented appeal make it a reliable choice for long-term rental investments.

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.