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 | $1,010 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $137,782 | 0.94% | C |
| 3BR | $1,590 | $247,847 | 0.64% | D |
| 4BR | $1,700 | $346,047 | 0.49% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53224 in Milwaukee, WI, for fiscal year 2024 is set at $1280. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is also known as the Housing Choice Voucher Program. It's important to note that this is not the rent you will receive; rather, it is the payment standard used by the government to determine how much assistance a tenant will receive.
In contrast, the typical market rent in this area, measured by the Zillow Observed Rent Index (ZORI), stands at $1,462. This indicates that the FMR is lower than the average rent in the ZIP code, meaning that landlords participating in Section 8 will receive less than what the market might offer for similar properties.
The demand for rentals in ZIP 53224 is strong, with 49.7% of residents being renters. This high percentage suggests a robust market for rental properties, making it likely that your property will be occupied if it meets the necessary standards. However, the FMR cap at $1280 could limit your income compared to market rates.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in this ZIP code is approximately $234,387. This figure can help you assess the potential acquisition cost of a property suitable for the program. Keep in mind that the property must meet certain quality and safety standards to qualify for Section 8 tenancy.
Before you proceed with becoming a Section 8 landlord, verify that your property meets all the required inspection criteria. This includes ensuring that the unit is safe, decent, and sanitary, with no significant health or safety issues. Once confirmed, you can apply to have your property approved for the Section 8 program, allowing you to benefit from stable, government-backed rental income while serving the community.
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.