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 | $1,250 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $293,611 | 0.54% | F |
| 3BR | $1,970 | $450,637 | 0.44% | F |
| 4BR | $2,110 | $573,066 | 0.37% | F |
| 5BR | $2,448 | $669,475 | 0.37% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 53132, Franklin, WI, reveals a challenging but manageable rental environment. The HUD Fair Market Rent (FMR) for FY 2024 is set at $1,390 per month, while the market rent, as measured by Zillow's ZORI, stands at $1,805. This indicates that voucher tenants will cashflow only marginally in this area without significant concessions or premium unit considerations.
To understand the financial dynamics better, we can look at the rent-to-price ratio using the median home value of $439,591. At the HUD FMR of $1,390, the monthly rent represents approximately 0.32% of the median home value. This suggests that the rental income is relatively low compared to the property values, which could be a concern for investors looking to maximize returns through cashflow alone.
The data also shows that the median Days on Market (DOM) is N/A, and the share of listings that experienced price cuts is 0.2%. These figures indicate a stable housing market where properties are likely selling close to their asking prices without much delay. However, the lack of DOM data might suggest that the rental market is less active compared to the sales market, which could impact the ability to quickly fill vacancies with market-rate tenants.
In conclusion, the strongest investor angle in ZIP 53132 is stability. Despite the marginal cashflow from voucher tenants, the robust median home value and the low share of price cuts suggest a secure investment with little risk of depreciation. Stability provides a solid foundation for long-term investment strategies, ensuring consistent returns and minimizing financial volatility.
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.