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 | $1,120 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,200 | $129,639 | 0.93% | C |
| 2BR | $1,430 | $283,422 | 0.5% | F |
| 3BR | $1,760 | $369,011 | 0.48% | F |
| 4BR | $1,880 | $445,899 | 0.42% | F |
U.S. Census Bureau data (2024)
47.9% of the population in ZIP 53228, Greenfield, WI, are renters, indicating a significant demand for rental properties. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1410, which represents the maximum amount a landlord can charge for a Section 8 voucher. This figure is notably lower than the market rent, known as ZORI, which stands at $1,495, suggesting that landlords could potentially increase their income by participating in the Section 8 program while still receiving competitive rents. The median home value in Greenfield is $355,639, providing a context for property values and indicating a stable housing market. With a median income of $75,033, residents have the financial capacity to contribute to rent payments, further supporting the viability of rental investments.
The price-cut share in the area is only 0.1%, which is an exceptionally low figure and points to a market where properties are generally valued correctly and not often discounted. This stability is also reflected in the lack of reported days on the market (DOM), suggesting that homes are sold quickly without extended periods of vacancy. For landlords and small-portfolio investors, these conditions present an opportunity to enter a market with consistent demand and stable property values.
In conclusion, the combination of a strong rental demand, competitive Section 8 rates, and stable property values makes ZIP 53228 a favorable location for investment. The $1410 FMR aligns well with the local rental market dynamics, ensuring steady cash flow. Given the 47.9% renter share and the $75,033 median income, tenants are likely to be financially secure. The 0.1% price-cut share underscores the robustness of the real estate market, reducing the risk of depreciation. Therefore, participating in the Section 8 program in Greenfield, WI, is a prudent decision for securing reliable long-term returns.
Section 8 verdict: Recommended.
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.