Location: Racine-Mount Pleasant, WI | Metro: Racine-Mount Pleasant, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
The Fair Market Rent (FMR) for ZIP code 53401 in Unknown, Wisconsin, for fiscal year 2024 is set at $1090. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if you participate in this program, the government will pay up to this amount toward the rent of your property. It's important to note that this is not the rent you should charge tenants; rather, it's the maximum amount that vouchers can cover.
When comparing the FMR to local market rents, the data indicates that the local average rent is currently N/A. While this data point is unavailable, you can still gauge the demand for rental properties in the area by looking at the percentage of renters who rely on housing assistance. In ZIP 53401, the share of renters who use housing vouchers is N/A%. A higher percentage suggests greater demand for affordable housing options, which could translate into a steadier stream of potential tenants for your Section 8 property.
The median home value in ZIP 53401 is also listed as N/A. This figure helps you understand the typical acquisition cost for homes in the area, which is crucial when deciding whether to purchase or convert an existing property into a Section 8 rental. If you're buying a home, ensure that its price aligns with the expected income from the voucher program to maintain profitability.
Before you decide to enter the Section 8 rental market, there's one key piece of information you must verify: the physical condition of the property. The Housing Quality Standards (HQS) require that all Section 8 properties meet certain criteria to ensure they are safe and habitable. These standards include things like proper heating, electrical systems, and structural integrity. Make sure your property passes a HQS inspection to avoid any issues with eligibility.
Data Sources: FMR data from HUD (2027).
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.