Location: Kenosha, WI | Metro: Kenosha, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
The Fair Market Rent (FMR) for ZIP code 53194 in Unknown, Wisconsin, for fiscal year 2024 is set at $1400. This figure represents the payment standard for Section 8 housing assistance, meaning that if you participate in the program, the government will pay up to $1400 per month towards rent for eligible tenants. It's important to note that this is not your rent; it's the maximum amount the Housing Choice Voucher program will cover.
To put this into perspective, consider that the local median rent for ZIP 53194 is currently unavailable. However, the FMR serves as a benchmark, indicating the typical rent level for the area. If your property's market rent exceeds $1400, the tenant would need to pay the difference out of pocket, which can be determined based on their income.
The demand for rental properties in ZIP 53194 is represented by the percentage of renters in the area, which is also currently unavailable. Nonetheless, the presence of the Section 8 program suggests there is a significant number of low-income individuals seeking affordable housing options. This makes participating in the program a viable strategy for filling vacancies and ensuring steady rental income.
When it comes to acquiring a property in this ZIP code, the average home price is currently unavailable. Regardless, the decision to enter the Section 8 market should be based on the potential for long-term stability rather than short-term gains. The program provides a reliable source of income through government subsidies, reducing the risk of unpaid rent.
Before proceeding, it is crucial to verify that your property meets all the necessary quality standards set by the Housing Authority. These standards ensure that the living conditions are safe and habitable, and failing to meet them could result in disqualification from the program. Once you confirm compliance with these requirements, you can confidently move forward with offering your rental unit under the Section 8 program.
Data Sources: FMR data from HUD (2027).
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.