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 | $1,620 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
The Fair Market Rent (FMR) for ZIP code 53547 in the Janesville-Beloit, WI MSA for fiscal year 2024 is set at $1,110. This figure represents the amount landlords can charge for a unit to qualify for Section 8 housing assistance.
To contextualize 53547 within the broader Janesville-Beloit, WI MSA, it's essential to consider the metro's average market rents and home values. The most recent data indicates that the market rent for a two-bedroom home in the Janesville-Beloit MSA was $1,017 per month in fiscal year 2023, with a projected increase to around $1,153 for fiscal year 2025. Given that the FMR for 53547 is slightly below the projected 2025 market rent but higher than the 2023 figure, it suggests that ZIP 53547 is likely a mid-tier neighborhood in terms of rental pricing.
Regarding home values, while specific figures for the Janesville-Beloit MSA are not provided in the available data, the area has experienced fluctuations in the housing market. The lack of specific home value data for both 53547 and the metro makes direct comparison challenging, but it implies that home values in 53547 are not significantly outperforming or underperforming the MSA average.
The absence of a reported renter share percentage for ZIP 53547 means we cannot directly assess whether it has a higher concentration of renters compared to other ZIP codes within the MSA. However, given the FMR and the anticipated market rents, 53547 does not appear to be a premium sub-market or a value pocket. Instead, it seems to align closely with the mid-tier range of the Janesville-Beloit MSA.
In summary, ZIP code 53547 appears to be a mid-tier neighborhood within the Janesville-Beloit, WI MSA based on its FMR of $1,110 and the projected market rents for the area. The lack of specific home value and renter share data prevents a more detailed analysis, but the trends suggest a balanced position within the metro's real estate landscape.
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.