Location: Madison, WI | Metro: Madison, WI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,790 | $353,191 | 0.51% | F |
| 3BR | $2,340 | $510,235 | 0.46% | F |
| 4BR | $2,590 | $665,454 | 0.39% | F |
| 5BR | $3,004 | $901,896 | 0.33% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53593 in Verona, Wisconsin, for fiscal year 2024 is set at $1530. This figure represents the payment standard for Section 8 vouchers, meaning that if you participate in the program, the Housing Authority will pay up to $1530 per month for a unit in this area. It's important to note that this is not the amount tenants will pay; it's the maximum subsidy provided by the government.
In contrast, the local median rent for a two-bedroom apartment in Verona is approximately $2,030, according to the Zillow Rent Index (ZORI). This indicates that the FMR is lower than the typical market rate, which can be a consideration when deciding whether to enroll your property in the Section 8 program.
With a renter share of 31.1%, there is a significant portion of the population in Verona who rely on rental assistance programs. This high percentage suggests strong demand for affordable housing options, including those that accept Section 8 vouchers. Landlords who offer Section 8 rentals can expect a steady stream of potential tenants.
When acquiring a property in Verona, the average price is around $593,059. This is the typical cost for a home in the area, but it does not directly affect the rental income you would receive through the Section 8 program. However, it's crucial to consider the overall investment value and potential return on investment when making your decision.
Before enrolling your property in the Section 8 program, verify that your home meets the necessary quality standards, known as the Housing Quality Standards (HQS). These standards ensure that the property is safe and habitable for tenants. Failure to meet these requirements can result in delays or disqualification from the program.
In summary, the FMR of $1530 is the subsidy limit, while the local median rent is higher at $2,030. The significant 31.1% renter share points to a robust demand for rental assistance. With an average home price of $593,059, it's essential to check that your property complies with HQS to avoid complications.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.