Location: Milwaukee-Waukesha, WI | Metro: Milwaukee-Waukesha, WI MSA
| 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 |
U.S. Census Bureau data (2024)
The market in ZIP code 53233 presents a dynamic environment that favors neither an overwhelming surplus nor a shortage of rental properties. The Fair Market Rent (FMR) for the area stands at $1010 for the fiscal year 2024, while the market rent, as indicated by the Zillow Observed Rent Index (ZORI), is slightly lower at $992. This close alignment between FMR and ZORI suggests a stable rental market where rents are reflective of government standards, indicating a balance between landlord expectations and tenant affordability.
The median home value in ZIP 53233 is $182,692, which is a critical figure for understanding the broader housing landscape. While specific percentages for price-cut shares and days on market (DOM) are not available, the high renter share of 97.1% provides significant insight into the local housing dynamics. Such a high percentage of renters implies a long-term pressure on rental housing, driven by factors such as affordability, lifestyle choices, and possibly limited access to homeownership financing.
This high renter share can be indicative of several underlying conditions. Firstly, it may suggest that many residents find owning a home too expensive given their income levels and the cost of living. Secondly, it could point towards a transient population, where individuals or families are less likely to commit to homeownership due to job mobility or other reasons. Lastly, it might reflect a preference for renting over buying, which could be influenced by the ease of finding rental properties, the availability of suitable housing options, or the perception of renting being a better financial decision.
The interplay between these factors creates a market where landlords and small-portfolio investors can maintain steady occupancy rates but must remain vigilant to the needs and preferences of tenants. Given the high renter share, there's a consistent demand for rental units, making it a viable investment area for those looking to enter or expand their real estate portfolio in the rental sector.
Data Sources: FMR data from HUD (2027). 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.