Location: Walworth County, WI | Metro: Janesville-Beloit, 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 | $810 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,440 | $331,754 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 53114, with a population of 1,979, represents a modest-sized community. Only 15.1% of residents are renters, indicating that it is primarily a homeowner-dominated area rather than one with a heavy concentration of renters. This percentage suggests that the demand for rental properties using Section 8 vouchers will be relatively low compared to areas with higher proportions of renters.
Given the median household income of $72,708, we can analyze the affordability of market rents. A typical market rent of $900 would consume approximately 16.3% of the median income, which is calculated by dividing the monthly rent by the monthly equivalent of the median annual income ($72,708 / 12 months = $6,059 per month). This figure places the rent well below the Fair Market Rent (FMR) of $1,180 set for FY 2024, making it more accessible to a broader range of tenants.
The lower-than-FMR rent points to a potential mismatch between the voucher amount and the actual cost of renting in this area. Landlords might find that the $900 market rent is more attractive to tenants who do not rely on Section 8 vouchers, as the voucher amount could cover a larger portion of the rent in more expensive markets. However, for those who do use vouchers, the difference between the voucher amount and the market rent could make these units particularly appealing.
In summary, landlords in ZIP 53114 should expect a tenant pool that is less dependent on Section 8 vouchers due to the low percentage of renters and the relatively high median income. The typical market rent of $900 is affordable for most households, and while vouchers may still play a role, they are likely to be a smaller component of the overall rental demand. Tenants here are likely to be financially stable, with the ability to pay rent without significant strain on their income.
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.