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 | $1,180 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,860 | $569,677 | 0.33% | F |
| 4BR | $1,990 | $790,309 | 0.25% | F |
U.S. Census Bureau data (2024)
ZIP code 53097, located within the Milwaukee-Waukesha, WI MSA, presents a unique profile when compared to typical ZIP codes within this metro area. The Fair Market Rent (FMR) for 53097 in fiscal year 2024 is set at $1750, slightly below the market rent of $1,868. This indicates that while the rental prices are competitive, they are still within the range supported by federal housing assistance programs.
The median home value in 53097 stands at $673,218, which is likely above average for the broader Milwaukee-Waukesha MSA. However, only 5.5% of residents are renters, suggesting a primarily owner-occupied community. Despite the higher home values, the relatively low renter share might imply that this ZIP code is not heavily reliant on rental income, positioning it more as a premium sub-market rather than a value pocket or mid-tier neighborhood.
Typically, a high renter share combined with lower-than-metro home values can signal an attractive area for Section 8 properties. In 53097, however, the divergence lies in the opposite direction. With higher home values and a modest renter share, landlords and small-portfolio investors should consider that while the ZIP code offers a premium setting, the demand for rental units might be less intense compared to areas with higher renter populations.
To further assess the potential of 53097 as a Section 8 investment opportunity, investors must also look at the broader context of the Milwaukee-Waukesha MSA. If the average renter share across the metro is significantly higher than 5.5%, then 53097 could indeed be seen as less favorable for Section 8 investments due to its premium characteristics and lower reliance on rental housing.
In conclusion, based on the provided figures, ZIP 53097 appears to be a premium sub-market within the Milwaukee-Waukesha MSA. It has higher home values and a lower renter share, which contrasts with the characteristics typically sought after in Section 8 investments. Investors interested in Section 8 properties should focus their attention on ZIP codes with higher renter shares and lower home values for better alignment with program criteria.
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.