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 | $1,000 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $245,145 | 0.52% | F |
| 3BR | $1,570 | $314,966 | 0.5% | F |
| 4BR | $1,690 | $352,048 | 0.48% | F |
U.S. Census Bureau data (2024)
The neighborhood in ZIP code 53220, located in Greenfield, WI, is characterized by a moderate-sized population of 27,782 residents, with a significant portion—43.8%—being renters. This indicates a substantial demand for rental properties, which is crucial for investors considering the Section 8 housing market. The median household income in this area stands at $69,319, reflecting a middle-class community capable of supporting a range of rental options. The median home value is $293,715, suggesting a stable and growing real estate market.
When it comes to the economic viability of renting in this ZIP code, the Federal Market Rent (FMR) for fiscal year 2024 is set at $1,160. In contrast, the market rent, as measured by the Zillow Observed Rent Index (ZORI), is $1,363. This difference highlights the potential for landlords to receive higher rents through traditional market mechanisms compared to government-subsidized rates. However, it also underscores the importance of understanding the local tenant base and their willingness to participate in the Section 8 program.
The landscape of ZIP 53220 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For those preferring a less active role, the existing demand for rentals and the relatively high FMR provide a solid foundation for steady, if modest, returns. On the other hand, for investors willing to engage more actively, the gap between FMR and market rent presents opportunities to enhance property values and attract non-voucher tenants, thereby increasing overall profitability. Whether pursuing a passive or an active strategy, the demographic and economic indicators point to a promising investment environment in Greenfield, WI.
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.