Location: Jefferson County, WI | Metro: Dodge County, WI
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 | $840 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $263,796 | 0.45% | F |
| 3BR | $1,620 | $324,063 | 0.5% | F |
| 4BR | $1,640 | $392,706 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 53094, located in Watertown, WI, sits within the Jefferson County, WI metro area. Its Fair Market Rent (FMR) for fiscal year 2026 is set at $1,170, closely matching the market rent of $1,161. This indicates that the rental prices in 53094 are aligned with what the market dictates, suggesting it is neither an undervalued nor an overpriced area relative to its peers.
The median home value in 53094 stands at $312,140. This figure is reflective of the housing market's average price point in the Jefferson County metro, positioning 53094 as a mid-tier neighborhood. It is neither significantly above nor below the typical home values seen across other ZIP codes in the county.
A notable aspect of 53094 is its 31.6% renter share, which is higher than the national average and potentially indicative of a strong demand for rentals. When compared to the overall renter share in Jefferson County, if this percentage is notably higher, it could signal a sweet spot for landlords interested in Section 8 housing opportunities. A high renter share combined with below-average home values can often indicate areas where government assistance programs play a significant role in the rental market, making them attractive to landlords who participate in such programs.
To determine whether 53094 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the context of Jefferson County's broader housing and rental trends. The close alignment between the FMR and market rent suggests stability in the rental market. However, the median home value places it squarely in the middle range, neither indicating a particularly affordable area nor a high-end market.
If the renter share is indeed higher than the county average, it could suggest that 53094 is a value pocket for Section 8 investors. Such a scenario would be characterized by a robust rental demand, likely supported by government assistance, without the burden of excessively high property values.
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.