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 ZIP code 53408 in Unknown, WI, presents a unique challenge for analysis due to the lack of specific population and rental percentage data. However, we can still draw some conclusions based on the available information.
The median household income for this area is also not specified, which makes it difficult to provide a direct comparison to market rents. Nonetheless, it is essential to consider the Fair Market Rent (FMR) as a benchmark. The FMR for ZIP 53408, as of FY 2024, is set at $1090. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their housing costs.
Given the absence of precise data on local market rents, we cannot definitively state the percentage of local income that typical rent consumes. However, landlords should be aware that tenants using Section 8 vouchers will have a limited budget for rent, which is capped at the FMR. Therefore, properties priced above $1090 per month may not attract tenants who rely on vouchers.
The scarcity of detailed demographic data suggests that this area might not be heavily populated or extensively studied, which could mean that the demand for Section 8 vouchers is relatively low compared to more densely populated areas. Landlords should prepare for a tenant pool that includes individuals and families who are likely to be price-sensitive due to the constraints imposed by their vouchers.
In conclusion, while we cannot determine if ZIP 53408 is renter-heavy or homeowner-dominated without additional data, the reliance on Section 8 vouchers indicates that potential tenants will be looking for affordable housing options. Landlords should focus on maintaining properties that meet the quality standards required for voucher acceptance and pricing them competitively around the FMR to ensure they attract and retain tenants effectively.
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.