Location: Lafayette County, WI | Metro: Green County, WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The median income in ZIP code 53504 stands at $83,690, which provides a solid financial foundation for many households. However, when it comes to affording the market rate rent of $673, the situation becomes more nuanced. The first consideration is whether this market rate reflects the actual cost of living in the area. Given that the Fair Market Rent (FMR) set by HUD for ZIP 53504 in fiscal year 2024 is $910, there is a significant discrepancy between the market rate and the government's benchmark for affordable housing.
This gap highlights a potential challenge for renters in ZIP 53504. While the market rate might be manageable for some households, others may struggle to meet even this lower figure without assistance. The FMR is higher, indicating that the government recognizes the need for a greater rental subsidy to ensure housing is truly affordable. This suggests that many renters may require some form of financial aid to cover their housing costs.
In ZIP 53504, with only 17.0% of the 2,281 residents being renters, the competition among landlords could be relatively low compared to areas with a higher percentage of renters. However, the affordability gap means that landlords who accept Section 8 vouchers might have an advantage in attracting tenants. Vouchers help bridge the difference between the market rate and what a household can afford, making rental properties more accessible to those who qualify.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. Accepting Section 8 vouchers can expand the pool of potential tenants, especially in a market where the FMR exceeds the average market rate. It ensures that you are not solely dependent on the 17.0% of the population that rents and can pay the market rate. By accepting vouchers, landlords can tap into a broader segment of the rental market, ensuring occupancy and steady income despite the challenges of lower overall renter numbers.
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.