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 | $1,470 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,590 | $256,539 | 0.62% | D |
| 2BR | $1,890 | $404,796 | 0.47% | F |
| 3BR | $2,320 | $541,875 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 53202 in Milwaukee, WI, stands out due to its unique demographic and economic characteristics. With a population of 25,861 residents, it has a significant rental market, with 78.6% of the residents being renters. This high percentage of renters indicates a strong demand for rental properties in the area. The median income for residents in ZIP 53202 is $71,034, which is relatively stable compared to other areas in Milwaukee County. Additionally, the median home value is $368,340, suggesting that homeownership is more expensive here.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 53202 for fiscal year 2024 is set at $1,760. In contrast, the market rent, measured by ZORI (Zillow Observed Rent Index), is $1,616. This means that landlords who accept Section 8 vouchers can potentially charge slightly higher rents than the current market rate, providing an incentive to participate in the program. However, the difference between FMR and market rent is not substantial, indicating that landlords should be prepared for a competitive rental market where tenants might prefer non-voucher options if they are available.
The data signature for ZIP 53202 reads as "stable." Despite the high percentage of renters, the median income is sufficient to support the local economy, and the median home value suggests that there is a mix of property types, including both rentals and owner-occupied homes. Landlords and small-portfolio investors can expect consistent demand for rental properties, especially those willing to accept Section 8 vouchers. The slight premium offered by the FMR over the market rent can help offset some of the administrative burdens associated with the program, making it a viable option for those looking to serve a broader range of tenants in this ZIP code.
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.