Location: Janesville-Beloit, WI | Metro: Janesville-Beloit, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 53501 centers around the disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR for ZIP 53501 is set at $1090. However, the market rent figure is currently unavailable, which complicates a direct comparison. Despite this, we can still provide insight into how the Section 8 program operates in this area.
In ZIP 53501, where 100.0% of residents are renters, landlords and small-portfolio investors must consider the implications of accepting housing vouchers. The FMR of $1090 represents the maximum amount that the government will pay for rental assistance in this area. Should the market rent exceed this figure, landlords who accept Section 8 tenants would be renting their properties below the market rate, potentially reducing their income. Conversely, if the market rent is less than the FMR, accepting voucher tenants could actually increase yields due to the government's willingness to pay up to $1090 per month.
The lack of a median home value and median income figure makes it difficult to assess the economic context fully. However, the high percentage of renters suggests a strong demand for affordable housing, which aligns with the goals of the Section 8 program. Landlords should weigh the benefits of guaranteed rent payments against the potential drawbacks of lower-than-market rental income.
To summarize, the Section 8 program in ZIP 53501 offers a fixed payment of $1090 per month, which could either be a boon or a challenge depending on the actual market rent. Given the complete reliance on rental housing in this ZIP code, the program plays a crucial role in providing affordable housing options. Landlords should carefully evaluate their property's value in relation to the FMR before deciding whether to participate in the Section 8 program.
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.