Section 8 Fair Market Rent (FMR) for ZIP 53058 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,220
1 Bedroom	$1,310
2 Bedrooms	$1,560
3 Bedrooms	$1,920
4 Bedrooms	$2,070
5 Bedrooms	$2,401
6 Bedrooms	$2,689
7 Bedrooms	$2,904
8 Bedrooms	$3,049

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,405

Median Household Income

$104,444

Housing Units

1,477

Renter Percentage

31.3%

Occupancy Rate

91.0%

Renter Occupied

420

Housing Authorities Serving ZIP 53058

Waukesha Housing Authority (Waukesha, WI) - 1,331 Section 8 vouchers

The ZIP code 53058, located in Wauwatosa, Wisconsin, is a desirable suburban area known for its excellent schools, low crime rates, and proximity to Milwaukee. This neighborhood offers a mix of single-family homes and rental properties, catering to both families and renters seeking a quiet living environment with easy access to urban amenities.

Fair Market Rent (FMR): The FMR for a two-bedroom apartment in ZIP 53058 for fiscal year 2024 is set at $1560, indicating a strong demand for affordable housing options.
Market Rent: According to the latest Census ACS data, the average market rent for a two-bedroom unit is $1,404, slightly below the FMR but still reflecting a robust rental market.
Median Home Value: The median home value in the area stands at $719,581, suggesting that homeownership is relatively expensive and likely out of reach for many residents, thus bolstering the rental market.
Renter Share: Renters make up 31.3% of the population, which is a significant portion, showing that there is a considerable segment of the community that relies on rental housing.
Days on Market (DOM): The data for days on market is currently unavailable, which might indicate either a very active or stable market where listings do not linger long before being sold or rented.
Median Income: The median household income in ZIP 53058 is $104,444, providing insight into the financial capability of potential tenants and buyers.

In summary, ZIP 53058 presents a favorable environment for landlords and small-portfolio investors due to the combination of a high median home value and a substantial renter share. While the Fair Market Rent is slightly higher than the actual market rent, it still signifies a healthy demand for rental units. Given the median income, there is a solid tenant base capable of affording rents near the FMR. However, the lack of data on days on market could be a critical factor for further analysis, as it would help gauge the speed at which properties are typically leased or sold. Overall, the area's appeal and economic indicators suggest a positive outlook for rental investments.

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.