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 | $970 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,040 | $211,939 | 0.49% | F |
| 2BR | $1,240 | $227,379 | 0.55% | F |
| 3BR | $1,520 | $222,641 | 0.68% | D |
| 4BR | $1,630 | $192,250 | 0.85% | C |
| 5BR | $1,891 | $194,718 | 0.97% | C |
U.S. Census Bureau data (2024)
The ZIP code 53212 in Milwaukee, WI, is a renter-heavy area, with 65.6% of the population renting their homes. This indicates a significant demand for rental properties and a robust market for tenants utilizing Section 8 vouchers. The total population of 28,938 residents further supports the high volume of potential renters.
The median household income in this ZIP is $47,298, which provides a baseline for assessing the affordability of housing. The average market rent of $1,245 represents approximately 28.5% of the median income, calculated as follows: ($1,245 / $47,298) * 12 months = 28.5%. This suggests that while rent is a substantial portion of income, it remains within the realm of affordability for many residents.
The Fair Market Rent (FMR) for ZIP 53212, set at $1,120 for FY 2024, serves as a benchmark for Section 8 voucher amounts. Landlords should be aware that the voucher amount may cover up to $1,120 per month, which is slightly below the current market rent. This gap means that tenants using vouchers might need to supplement their rent payments out-of-pocket, or landlords may need to adjust their rental rates to align with FMRs to attract these tenants.
In this ZIP, landlords can expect tenants who rely on Section 8 vouchers to have a lower income level, likely around or below the median. These tenants will be keenly aware of budget constraints and the importance of stable housing. They may prioritize affordability over amenities, seeking basic living conditions without luxury features. Landlords should prepare for thorough background checks and income verification processes, as these are standard procedures for Section 8 participation.
To summarize, ZIP 53212 presents itself as an ideal location for landlords and small-portfolio investors looking to cater to a strong tenant pool reliant on Section 8 vouchers. With a high percentage of renters and median incomes supporting rental costs, the demand for affordable housing is clear. However, landlords must be prepared to manage expectations regarding rent amounts and understand the administrative requirements of working with Section 8 tenants.
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.