Section 8 Fair Market Rent (FMR) for ZIP 53154 - 2027

Location: Milwaukee-Waukesha, WI | Metro: Milwaukee-Waukesha, WI MSA

Investment Score for ZIP 53154

Monthly Rent (2BR)

$1,720

Median Price (2BR)

$274,723

1% Rule

0.63%

Annual Yield

7.51%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,340
1 Bedroom	$1,440
2 Bedrooms	$1,720
3 Bedrooms	$2,110
4 Bedrooms	$2,270
5 Bedrooms	$2,633
6 Bedrooms	$2,949
7 Bedrooms	$3,185
8 Bedrooms	$3,344

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,720	$274,723	0.63%	D
3BR	$2,110	$427,348	0.49%	F
4BR	$2,270	$512,862	0.44%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

37,325

Median Household Income

$96,555

Housing Units

16,183

Renter Percentage

42.5%

Occupancy Rate

97.2%

Renter Occupied

6,688

The ZIP code 53154, located in Oak Creek, Wisconsin, offers a stable and growing rental market that aligns well with the needs of both landlords and small-portfolio investors. The area benefits from a mix of residential and commercial developments, providing ample opportunities for investment in various property types.

Fair Market Rent (FMR): For fiscal year 2024, the FMR for ZIP 53154 is set at $1,480, which represents the average rental cost for a two-bedroom apartment.
Market Rent (ZORI): According to Zillow's data, the market rent for properties in ZIP 53154 is currently at $1,760, indicating a slight premium over the FMR.
Median Home Value: The median home value in ZIP 53154 stands at $407,575, reflecting the overall stability and appreciation potential of the housing market.
Renter Share: With 42.5% of residents being renters, there is a significant demand for rental properties, making it an attractive market for landlords.
Days on Market (DOM): Data for the days on market for rental properties is not available, but given the high renter share, it suggests a quick turnover for listings.
Median Income: The median household income in ZIP 53154 is $96,555, providing a solid economic base for tenants to afford higher rents.

The combination of a slightly above-average market rent compared to the FMR, a robust median home value, and a substantial renter population makes ZIP 53154 an appealing investment opportunity. Landlords can expect to achieve competitive rental rates, supported by the strong local economy. However, the lack of specific data on days on market means that the speed of property turnover should be monitored closely to ensure optimal cash flow and occupancy rates.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.