Location: Kenosha, WI | Metro: Kenosha, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
The ZIP code 53109 in Unknown, Wisconsin, presents a market in motion, characterized by specific dynamics that reflect the relationship between supply and demand. The Fair Market Rent (FMR) for the area is set at $1400 for the fiscal year 2024, indicating a benchmark for rental prices established by HUD. This figure serves as a crucial reference point for landlords and investors in setting their own rental rates.
Despite the absence of precise market rent data, the FMR can be used to gauge the general rental environment. When the FMR is lower than market rents, it often suggests that the market rent is higher due to strong demand or limited supply. Conversely, if market rents are below the FMR, it might indicate an oversupply or weak demand. In ZIP 53109, the lack of market rent data makes it challenging to determine the exact relationship between the two, but the FMR provides a starting point for analysis.
The percentage of price-cut share and days on market (DOM) being listed as N/A implies that there isn't enough data to make a definitive statement about how frequently properties are discounted or the duration they remain unsold. However, these metrics typically reveal whether sellers are having to lower their prices to attract buyers, which would suggest a shift towards a buyer's market. The absence of such data could mean that the market is relatively stable or that there are not enough transactions to provide meaningful insights into these trends.
The median home value also being listed as N/A suggests a similar lack of comprehensive data on home sales. Nevertheless, a high median home value relative to the FMR could indicate that homeownership is becoming less affordable, potentially driving more residents towards renting. This dynamic can exert long-term housing pressure on the rental market, increasing demand and potentially leading to higher rents.
The N/A% renter share highlights another aspect of the market dynamics. A higher percentage of renters usually indicates greater long-term housing pressure, as more individuals and families seek rental properties rather than purchasing homes. This trend can be influenced by factors such as affordability, job stability, and lifestyle preferences. While we cannot specify the exact renter share, understanding its potential impact on the market is essential for landlords and investors planning their strategies.
In summary, ZIP 53109 is a market where the interplay between supply and demand is not fully quantified by the available data. The FMR of $1400 sets a baseline for rental expectations, while the lack of other key metrics leaves room for inference based on broader economic principles. Landlords and small-portfolio investors should closely monitor local trends and consider the implications of housing affordability and the balance between renters and homeowners when making decisions.
Data Sources: FMR data from HUD (2027).
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.