Location: Iowa County, WI | Metro: Madison, WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
U.S. Census Bureau data (2024)
The ZIP code 53515 stands out in its county with a unique mix of demographics and housing economics. With a total of 2,647 residents, this area has a relatively low rental rate at 14.3%, indicating that most residents prefer homeownership. The median income in ZIP 53515 is strong at $92,625, suggesting a generally affluent population. This is further supported by the median home value of $431,437, which is significantly higher than the national average.
Turning to the specifics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 53515 is set at $1,250 for the fiscal year 2024. In comparison, the market rent based on Census ACS data is $1,058, implying that landlords who accept vouchers could see an increase in their monthly rent by approximately $192. However, it's important to note that voucher payments do not cover all costs associated with renting, such as maintenance and vacancy periods. Therefore, while the voucher rate is higher than the market rate, it does not guarantee a profit margin beyond typical rental expenses.
The data signature of ZIP 53515 reads as stable. The relatively high median income and home values suggest a consistent economic base. Additionally, the low rental rate indicates a preference for homeownership, which typically correlates with a stable housing market. Despite the slight disparity between the FMR and the actual market rent, the overall trend points towards stability rather than rapid change or transition.
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.