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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,590 | $237,511 | 0.67% | D |
| 2BR | $1,890 | $498,593 | 0.38% | F |
U.S. Census Bureau data (2024)
ZIP code 53203, located in Milwaukee, WI, and part of the Milwaukee-Waukesha, WI MSA metro area, can serve as a cash-flow anchor in a Section 8 portfolio strategy. The Fair Market Rent (FMR) for ZIP 53203 in fiscal year 2024 is set at $1760, which exceeds the current market rent of $1701. This creates a positive spread that ensures landlords receive slightly above-average rental income, stabilizing their cash flow.
The median home value in ZIP 53203 is $377,647, indicating a relatively stable housing market. While there isn't an explicit percentage for price-cut share or days on market (DOM), the fact that the FMR is higher than the market rent suggests that the housing market is somewhat resilient and that landlords can rely on steady, predictable income from Section 8 tenants.
Additionally, with 88.3% of residents being renters and a median income of $86,159, there is a significant demand for rental properties. However, these factors do not necessarily indicate strong appreciation potential. Instead, they support the notion that ZIP 53203 is well-suited for providing consistent cash flow due to the high renter share and the favorable comparison between FMR and market rents.
In summary, ZIP 53203 should be considered a cash-flow anchor within a Section 8 portfolio strategy. Landlords will benefit from receiving slightly above-market rents, ensuring financial stability and reliability in their investment returns.
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.