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 | $1,180 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $324,265 | 0.47% | F |
| 3BR | $1,860 | $411,092 | 0.45% | F |
| 4BR | $1,990 | $505,055 | 0.39% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53226, Wauwatosa, WI, for fiscal year 2024 is set at $1,330. This figure represents the payment standard for Section 8 housing assistance in the area, meaning it's the maximum amount the government will pay toward your tenant's rent. However, this is not the actual rent you can charge; it's a guideline to ensure rents are reasonable.
In contrast, the local market rent for a typical two-bedroom apartment in Wauwatosa, as indicated by the Zillow Observed Rent Index (ZORI), is approximately $1,636. This shows that the FMR is lower than the average market rent, which might influence your decision on whether to participate in the Section 8 program.
The renter share in Wauwatosa stands at 42.6%. This means that nearly half of the households in the area are renters, indicating a strong demand for rental properties. With such a high percentage of renters, there is likely to be consistent interest in your property, especially if it meets the criteria for Section 8 housing.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in Wauwatosa is around $405,129. This gives you an idea of the acquisition cost for a typical home in the area. Keep in mind that the actual price could vary depending on the condition, size, and location of the property.
Before proceeding, it's crucial to verify that the property you intend to use for Section 8 meets the Housing Quality Standards (HQS). These standards ensure that the home is safe and habitable, covering aspects such as heating, plumbing, and structural integrity. If your property does not meet these requirements, you'll need to make necessary improvements before it can be approved for the program.
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.