Section 8 Fair Market Rent (FMR) for ZIP 53051 - 2027
Location: Milwaukee-Waukesha, WI | Metro: Milwaukee-Waukesha, WI MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,210 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$100,031
Housing Authorities Serving ZIP 53051
To determine if you should buy a property in ZIP 53051 (Menomonee Falls, WI) for Section 8 investment, follow this decision tree:
- Does the Fair Market Rent ($1410) for the zip code in fiscal year 2024 clear debt service on a $431,063 property?
- Yes: If your debt service is less than $1410 per month, then the FMR covers your costs. This makes the area viable for Section 8 tenants.
- No: If your debt service exceeds $1410 per month, then the FMR does not cover your costs. This makes the area unviable for Section 8 tenants without additional subsidies.
- Is the market rent ($1,504 ZORI) above, at, or below the FMR?
- Above: The market rent of $1,504 is higher than the FMR of $1410. This suggests that landlords can potentially command higher rents outside of Section 8, but it also means that the gap between FMR and market rent could make properties less attractive to Section 8 tenants.
- At or Below: If the market rent were equal to or lower than the FMR, it would indicate a more balanced situation where Section 8 rents align well with the market, making it easier to find tenants willing to pay the FMR.
- Are 26.0% renters and N/A-day days on market (DOM) enough demand?
- Yes: With 26.0% of residents being renters, there is a decent base of potential tenants. However, the lack of data on days on market (DOM) makes it difficult to assess how quickly properties are rented out. A low DOM would suggest strong demand.
- No: If the percentage of renters is too low, or if the DOM is high, indicating slow rental rates, then the demand for rental properties may not be sufficient to support a Section 8 investment.
- It Depends: Given the available data, the viability of this investment hinges on the actual days on market. If you can secure the property at a price where the FMR clears debt service and the DOM is low, then the 26.0% of renters is likely enough to support demand.
The decision to invest in ZIP 53051 for Section 8 tenants comes down to these three key factors: ensuring the FMR covers your debt service, understanding the relationship between FMR and market rent, and assessing whether the local rental market has sufficient demand.
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.