Location: Iowa County, WI | Metro: Iowa County, WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53506 in fiscal year 2024 is set at $910. This figure represents the maximum amount that a landlord can receive through the Section 8 Housing Choice Voucher program for renting a unit in this area. It's important to note that this is not the rent you will charge your tenants; rather, it's the payment standard used by the housing authority to determine the subsidy amount.
To put this into perspective, the median gross rent for ZIP 53506, according to the Census Bureau's American Community Survey (ACS), is $908. This means that the FMR closely aligns with the typical rent prices in the area, making it a reasonable benchmark for setting your own rent rates.
The renter share in ZIP 53506 is 16.9%, indicating that nearly 17 out of every 100 households in the area are renters. This suggests a moderate demand for rental properties, including those that accept Section 8 vouchers. However, the acquisition cost for properties in this ZIP code is not available, which means you'll need to research local real estate prices to understand the costs involved in purchasing a property suitable for Section 8 tenancy.
Before deciding to take on a Section 8 rental, there is one critical step you must verify: ensure that your property meets all the necessary inspection requirements. The housing authority conducts regular inspections to confirm that the property is safe, decent, and sanitary. Failure to meet these standards can result in reduced payments or even termination of the contract. Therefore, it is essential to invest in any necessary repairs or improvements before applying to become a Section 8 landlord.
In summary, the FMR of $910 provides a clear guideline for the maximum subsidy you can receive, while the median rent of $908 reflects the local market conditions. With a 16.9% renter share, there is a steady demand for rental units, but you must ensure your property passes inspections to avoid complications.
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.