Location: Iowa County, WI | Metro: Iowa County, WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53580 in fiscal year 2024 is set at $1040. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is also known as the Housing Choice Voucher Program. It's important to note that this $1040 is not the actual rent you will receive; it's the payment standard used by the government to determine how much they will reimburse tenants' vouchers.
In comparison, the average rent in ZIP 53580, based on Census ACS data, is $850. This means that the FMR is higher than the local average, potentially providing a better income for landlords who participate in the Section 8 program. The difference between the FMR and the local average rent suggests that there is a subsidy available to help cover the gap, making it financially viable for both tenants and landlords.
The 27.6% renter share indicates that nearly a quarter of the households in ZIP 53580 are renters, creating a significant demand for rental properties. Given this high percentage, landlords can expect a steady stream of potential tenants interested in Section 8 housing, especially since the local average rent is below the FMR.
Note that the acquisition cost for properties in ZIP 53580 is marked as N/A, which typically means that specific data is not available or applicable. However, this does not necessarily indicate a lack of affordability; it simply means that you should conduct your own market research to understand the typical property costs in the area.
Before deciding to participate in the Section 8 program, one critical step is to verify that your property meets all the necessary requirements for eligibility. This includes ensuring that the unit is safe, decent, and sanitary, and that it complies with the Housing Quality Standards (HQS). A thorough inspection and any required repairs must be completed to avoid disqualification.
In summary, the FMR of $1040 offers a higher reimbursement rate than the local average rent of $850, catering to a substantial 27.6% of renters in ZIP 53580. Landlords should confirm that their property meets the HQS to ensure participation in the program.
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.