Location: Madison, WI | Metro: Madison, WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,040 |
| 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 53597, located in Waunakee, WI, stands out within Dane County due to its unique demographic and economic characteristics. With a population of 21,426 residents, it has a rental rate of 24.9%, indicating a community that is predominantly owner-occupied. The median household income in this area is $117,000, reflecting a relatively affluent neighborhood. Additionally, the median home value is $597,389, which is significantly higher than the national average, underscoring the strong property values and desirability of the location.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 53597 is set at $1,290 for fiscal year 2024, while the market rent, as measured by ZORI (Zillow Observed Rent Index), is $1,475. This discrepancy suggests that landlords accepting Section 8 vouchers in Waunakee might see a slight reduction in rental income compared to market rates, but the difference is manageable and does not pose a significant financial risk.
Given the data, the ZIP code 53597 appears to be stable rather than transitional. The high median income and home values indicate a solid economic foundation, and the relatively low percentage of renters points to a community where homeownership is prevalent and likely to remain so. Stability in these factors can provide reassurance to landlords and small-portfolio investors considering properties in this area.
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.