Location: Dodge County, WI | Metro: Dodge County, WI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,080 for ZIP 53579 will sufficiently cover the mortgage on a home valued at $317,717. To address this concern, let's consider the median sold price in the area, which is around $234,900. Assuming a typical mortgage rate and a 20% down payment, the monthly mortgage payment for a home priced at $317,717 could be approximately $1,200. While this is slightly above the FMR, it is important to note that the FMR is intended to reflect the average rent, and many units can command higher rents.
The investor may also doubt if there is sufficient rental demand at 18.0%. According to the latest data, the number of properties for sale has risen significantly to 15, while the number of recently sold homes is 12. This indicates a relatively balanced market, but it does not directly measure rental demand. However, given the median sales price and the range of sold prices, it suggests that the area is attracting buyers who may also be potential renters.
Another objection could be whether housing vouchers will keep pace with the market rents of $947. Unfortunately, the data provided does not include specific information about voucher amounts or their growth rates. However, it is crucial to monitor local government policies and housing assistance programs to ensure they align with the rising costs of living.
In summary, while the FMR of $1,080 is close to the expected mortgage payment for a $317,717 home, it may still be viable with strategic management. The rental demand at 18.0% appears stable based on the recent sales activity. Lastly, keeping track of voucher trends is essential to maintain affordability for tenants.
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.