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 | $1,340 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,110 | $499,160 | 0.42% | F |
| 4BR | $2,270 | $642,251 | 0.35% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 53033 stands at $136,786. This figure provides a baseline understanding of the financial capability of households within this area. When juxtaposed against the market rate rental price of $1,608, it becomes evident that a significant portion of residents could afford these rates comfortably, considering the average household income.
However, the Federal Market Rent (FMR) for ZIP code 53033 in fiscal year 2024 is set at $1,210. This is the standard payment for housing vouchers under the Section 8 program. The difference between the market rate and the FMR highlights a notable affordability gap for voucher holders, who would find it challenging to cover the full cost of market-rate rentals without additional support.
With only 2.7% of the population being renters and a total population of 6,286, the competition among landlords is relatively low. This means that landlords have fewer competitors vying for the same tenant pool, but it also implies a smaller number of potential tenants overall. The limited rental market suggests that landlords might need to consider both voucher and cash-paying tenants to maximize occupancy and profitability.
The takeaway for landlords is clear: while there is a substantial discrepancy between market rents and voucher payments, the low percentage of renters in ZIP 53033 indicates that every tenant counts. Landlords should weigh the benefits of accepting vouchers, which can provide a steady stream of income and fill units that might otherwise remain vacant, against the higher rents from cash-paying tenants. A balanced approach might be most effective, catering to both segments of the rental market to ensure consistent occupancy and revenue.
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.