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 | $990 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,570 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,270 | $366,339 | 0.35% | F |
| 3BR | $1,570 | $490,515 | 0.32% | F |
| 4BR | $1,770 | $605,787 | 0.29% | F |
U.S. Census Bureau data (2024)
Based on the latest data for ZIP code 53149 in Mukwonago, WI, landlords and small-portfolio investors should note that the Fair Market Rent (FMR) for 2024 has been set at $1170. This figure represents the upper limit for Section 8 rental payments in the area, providing a benchmark for what subsidized tenants can afford. In comparison, the Census Bureau's American Community Survey (ACS) indicates that the average market rent in the same area is $1,167, suggesting that the FMR closely aligns with the actual rental prices.
The median home value in Mukwonago is $505,007, reflecting a stable housing market. However, only 15.0% of residents are renters, which is a relatively low percentage. This statistic suggests that there might be limited demand for rental properties, potentially impacting vacancy rates and occupancy levels. The median household income stands at $110,608, indicating a generally affluent community where many residents may prefer homeownership over renting.
Investors should also consider the local real estate trends. With a non-applicable (N/A) day DOM (days on market), it's unclear how long listings typically stay on the market before receiving an offer. Nevertheless, the price-cut share is very low at 0.2%, implying that homes are generally selling at or near their asking prices without significant reductions.
Given these figures, the Section 8 program remains a viable option for landlords in Mukwonago, especially for those who may need assistance filling units that do not attract traditional renters due to the high cost of living and preference for homeownership. The close alignment between the FMR and market rents means that Section 8 payments are sufficient to cover operating costs. Additionally, the low price-cut share suggests a strong seller's market, making it less likely that landlords will face competition from other rental properties that are significantly cheaper.
Overall, for ZIP code 53149, the verdict on participating in the Section 8 program is positive, as it provides a reliable source of income for properties that might otherwise struggle to find tenants willing to pay market rates.
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.