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 | $940 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $486,412 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 53103 is situated in a high-income suburban neighborhood characterized by a predominantly owner-occupied housing stock. With a total population of 3,762, only 4.3% of residents are renters, indicating a community where homeownership is the norm. The median household income in this area stands at a robust $137,083, placing it well above the national average. This affluence is further reflected in the median home value, which is impressively high at $491,833. These figures suggest a stable and affluent environment, conducive to higher property values and lower vacancy rates.
Turning to the economic realities of renting in ZIP 53103, the Fair Market Rent (FMR) set by HUD for the fiscal year 2024 is $1,290. However, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is slightly lower at $1,125. This indicates a relatively modest gap between the government-set rent levels and the market rates, suggesting that properties participating in the Section 8 program can still maintain competitive pricing while ensuring compliance with federal guidelines.
Given these conditions, ZIP 53103 would be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the low percentage of renters and the stability of the local economy reduce the risk of tenant turnover and maintenance issues, making it easier to manage properties without active involvement. On the other hand, value-add buyers could leverage the high median incomes and property values to improve existing units or develop new rental properties that cater to the growing demand for affordable housing in an otherwise expensive market.
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.