Section 8 Fair Market Rent (FMR) for ZIP 53221 - 2027

Location: Milwaukee-Waukesha, WI | Metro: Milwaukee-Waukesha, WI MSA

Investment Score for ZIP 53221

Monthly Rent (2BR)

$1,320

Median Price (2BR)

$237,469

1% Rule

0.56%

Annual Yield

6.67%

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	$1,030
1 Bedroom	$1,110
2 Bedrooms	$1,320
3 Bedrooms	$1,620
4 Bedrooms	$1,740
5 Bedrooms	$2,018
6 Bedrooms	$2,260
7 Bedrooms	$2,441
8 Bedrooms	$2,563

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,320	$237,469	0.56%	F
3BR	$1,620	$300,101	0.54%	F
4BR	$1,740	$342,807	0.51%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

38,044

Median Household Income

$63,265

Housing Units

16,865

Renter Percentage

43.1%

Occupancy Rate

96.6%

Renter Occupied

7,019

The ZIP code 53221, located in Milwaukee, WI, offers a mix of urban living and suburban comfort, attracting a diverse population of renters and homeowners alike. This area is characterized by its affordable housing options, which are particularly appealing to those seeking to live in the city without breaking the bank.

Fair Market Rent (FMR) for ZIP 53221 is set at $1180 for fiscal year 2024. This figure represents the average amount that a tenant can expect to pay for a rental unit, making it a key benchmark for landlords setting their own rental rates.
The market rent, as measured by Zillow's ZORI (Zest Observed Rental Index), stands at $1,346 per month. This indicates that the actual rents charged in the area are slightly above the government-set FMR, reflecting a competitive market where landlords can command higher prices.
The median home value in ZIP 53221 is $287,542. This suggests that while the area is relatively affordable compared to other parts of Milwaukee, there is still a significant investment required to enter the homeowner market.
Renters make up 43.1% of the population in this ZIP code. This substantial share of renters points to a robust demand for rental properties, providing a stable tenant base for landlords.
The median household income in ZIP 53221 is $63,265. This income level supports the current rental prices and indicates that tenants have the financial means to afford monthly rents around the ZORI average.
The days on market (DOM) for rental listings is not available. However, given the high renter share and competitive market rent, it is likely that rental units are occupied quickly once they become available.

In summary, ZIP 53221 presents a favorable environment for landlords and small-portfolio investors due to its strong rental market and reasonable property values. The gap between FMR and ZORI suggests opportunities for landlords to charge slightly above average rents, while the median income supports these higher rates. The high percentage of renters ensures a steady demand for rental properties, making it a reliable investment location.

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.