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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,010 | $90,722 | 1.11% | B |
| 2BR | $1,210 | $223,419 | 0.54% | F |
| 3BR | $1,490 | $276,436 | 0.54% | F |
| 4BR | $1,610 | $321,448 | 0.5% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53222 in Milwaukee, Wisconsin, for fiscal year 2024 is set at $1,110. This figure represents the maximum amount that a landlord can receive under the Section 8 Housing Choice Voucher program for a unit in this area. It's important to note that this is not the rent you will charge your tenants; it's the reimbursement limit for the voucher program.
In comparison, the local market rent for a similar property is around $1,533, as indicated by the Zillow Observed Rent Index (ZORI). This suggests that while you might be able to charge more than the FMR to non-voucher tenants, the reimbursement from the Section 8 program is fixed at $1110. The difference between the two figures is a key consideration when deciding whether to participate in the Section 8 program.
The demand for rental properties in ZIP 53222 is strong, with 33.1% of residents being renters. This high percentage indicates that there is a significant portion of the population looking for housing, making it a viable market for Section 8 rentals. However, you should also consider that the average price to acquire a rental property in this area is approximately $257,971. This is a substantial investment, and you must ensure that the long-term benefits of having a stable tenant outweigh the lower reimbursement rates compared to market rents.
Before proceeding with your first Section 8 rental, verify that the property meets all local housing quality standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary, and failure to meet them could result in reduced payments or termination of the lease agreement. This step is crucial to avoid any legal issues and to ensure that your investment remains protected.
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.