Section 8 Fair Market Rent (FMR) for ZIP 53215 - 2027

Investment Score for ZIP 53215

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	$930
1 Bedroom	$1,010
2 Bedrooms	$1,210
3 Bedrooms	$1,490
4 Bedrooms	$1,610
5 Bedrooms	$1,868
6 Bedrooms	$2,092
7 Bedrooms	$2,259
8 Bedrooms	$2,372

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	$1,210	$213,361	0.57%	F
3BR	$1,490	$226,384	0.66%	D
4BR	$1,610	$231,935	0.69%	D
5BR	$1,868	$243,342	0.77%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 53215 (Milwaukee, WI) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 53215 in Milwaukee, WI, is set at $1140 for a two-bedroom unit in 2026. This amount represents 25.2% of the median household income in the area, which is $54,289. The FMR is designed to reflect the average rent that voucher holders can afford, but it is important to understand how these figures compare to actual rents in the market. According to Zillow, the median price for a two-bedroom home in 53215 is $203,725. This translates into a price-to-FMR ratio of approximately 14.9 times. This means that the actual rental prices are significantly higher than the FMR, which could pose challenges for Section 8 voucher holders. For example, if a landlord charges $1500 for a two-bedroom unit, the voucher holder would only be able to cover up to $1140, leaving them responsible for the remaining $360. This could make it difficult for many voucher holders to find affordable housing in this ZIP code. #### Affordability & Renter Profile ZIP code 53215 has a population of 58,146, with 52.6% of residents being renters. The occupancy rate stands at 90.9%, indicating a relatively tight rental market. Given that over half of the residents are renters and the occupancy rate is high, there is likely strong demand for rental properties in this area. However, the affordability issue is significant, as the actual rents are much higher than the FMR. This suggests that the market is not well aligned with the financial capabilities of many low-income households, who might rely on Section 8 vouchers to manage their housing costs. #### Investor Angle From an investor perspective, the ZIP code 53215 presents both opportunities and challenges. The FMR for a two-bedroom unit is $1140, which is considerably lower than the median rental price. If an investor were to purchase a property at the median price of $203,725 and rent it out at the FMR, they would face a negative cash flow scenario due to the high price-to-FMR ratio. However, there are still potential avenues for positive cash flow. Investors could target properties below the median price or negotiate with landlords to offer rents closer to the FMR. Additionally, the high occupancy rate indicates a robust demand for rental units, which could help ensure steady tenancy. In terms of investment grade, given the mismatch between FMR and actual rents, the ZIP code 53215 would likely be considered a moderate-risk investment. While there is strong demand, the ability to secure tenants willing to pay the FMR may be limited. #### Specific Actionable Insights 1. **Target Lower-Priced Properties**: Investors should focus on acquiring properties priced below the median of $203,725. For instance, a two-bedroom property priced around $150,000 would have a better chance of generating positive cash flow when rented at the FMR of $1140. 2. **Negotiate Rental Rates**: Engage in negotiations with existing landlords to reduce rental rates closer to the FMR. This could involve offering to take over management of the property or providing other incentives to align the rental price with the FMR. 3. **Utilize Vacant Units**: With an occupancy rate of 90.9%, there is a small percentage of vacant units available. Investors should leverage this by identifying and acquiring these units, potentially renovating them to meet the needs of Section 8 voucher holders. #### Bottom Line For Section 8-focused investors, the ZIP code 53215 presents a challenging environment due to the high price-to-FMR ratio. While there is strong demand for rental properties, the mismatch between actual rents and what voucher holders can afford makes it difficult to achieve positive cash flow. Therefore, the recommendation is to **Skip** this ZIP code unless you can acquire properties at significantly lower prices or negotiate rental rates closer to the FMR. The risk of negative cash flow and difficulty in finding tenants willing to pay the FMR outweighs the potential benefits in this market.

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.