Section 8 Fair Market Rent (FMR) for ZIP 53147 - 2027

Location: Walworth County, WI | Metro: Walworth County, WI

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,030
1 Bedroom	$1,130
2 Bedrooms	$1,480
3 Bedrooms	$1,850
4 Bedrooms	$2,440
5 Bedrooms	$2,830
6 Bedrooms	$3,170
7 Bedrooms	$3,424
8 Bedrooms	$3,595

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

18,638

Median Household Income

$83,566

Housing Units

11,538

Renter Percentage

30.7%

Occupancy Rate

72.4%

Renter Occupied

2,561

Housing Authorities Serving ZIP 53147

Walworth County Housing Authority (Elkhorn, WI) - 429 Section 8 vouchers

Lake Geneva, WI, represented by ZIP code 53147, is a picturesque lakeside community that offers both residential tranquility and proximity to urban amenities. Nestled along the shores of Geneva Lake, it attracts a diverse mix of residents and vacationers alike, making it an attractive investment opportunity for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,320, providing a benchmark for rental pricing.
The market rent, as indicated by the Zillow Observed Rental Index (ZORI), stands at $2,110 for a similar unit, reflecting the premium that tenants are willing to pay in this desirable location.
The median home value in Lake Geneva is $454,077, suggesting a robust local housing market with strong appreciation potential.
Renters make up 30.7% of the housing market in this ZIP code, indicating a significant demand for rental properties.
The median household income is $83,566, which supports higher rental rates and suggests a stable tenant base with the means to pay consistent rent.

The analysis of these key metrics reveals that Lake Geneva presents a favorable environment for rental investments. The gap between the ZORI and FMR highlights the potential for above-average rental income, while the high median home value and median income indicate a strong economic foundation. The substantial renter share further underscores the ongoing demand for rental units, making it a solid choice for landlords and small- portfolio investors looking to capitalize on a thriving real estate market.

Data Sources: FMR data from HUD (2027). 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.