Location: Walworth County, 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 | $930 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,490 |
| 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 | $1,490 | $450,750 | 0.33% | F |
U.S. Census Bureau data (2024)
The ZIP code 53119 is situated in a neighborhood characterized by a relatively low density of renters, with only 4.3% of the 5,803 residents being tenants. The area is affluent, boasting a median household income of $117,759, which places it among the higher-income brackets nationally. Median home values in the region stand at $523,855, reflecting a high-end residential market.
Turning to the rent economics, the Fair Market Rent (FMR) for ZIP 53119 for fiscal year 2024 is set at $1,180. However, the actual market rent, as reported by the Census Bureau's American Community Survey, is significantly lower at $927. This discrepancy suggests that there might be opportunities for landlords who can manage properties efficiently to offer competitive rents while still benefiting from the higher FMR subsidy rates.
In terms of suitability for different types of investors, ZIP 53119 presents a mixed picture. For a hands-off voucher operator, the area may not be ideal due to the limited number of renters and the potential for competition with higher-value homes. Conversely, for a hands-on value-add buyer, the area offers promising prospects. With the ability to renovate and manage properties effectively, an investor could position their rental units to attract the segment of the population that is willing to pay closer to the FMR rate, thereby maximizing returns.
To summarize, ZIP 53119 is best suited for active investors who are prepared to engage in property management and enhancement. The combination of high median incomes and low market rents provides a unique opportunity to capitalize on the difference between actual rents and subsidized rates, making it a viable option for those looking to add value through proactive investment strategies.
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.