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 | $1,450 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,500 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,900 | $436,660 | 0.44% | F |
| 3BR | $2,500 | $517,602 | 0.48% | F |
| 4BR | $2,800 | $595,753 | 0.47% | F |
| 5BR | $3,248 | $636,815 | 0.51% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 53715 in Madison, WI, for fiscal year 2024 is set at $1730. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the benchmark used by the government to determine eligibility and payments.
In comparison, the local market rent, known as the Zillow Rent Index (ZORI), is currently at $1858. This indicates that the FMR is slightly below the average market rent, which means you might have to accept a lower rent than what you could potentially get on the open market.
The demand for rental properties in ZIP 53715 is high, with 79.9% of the population being renters. This high percentage suggests a strong need for affordable housing options, making your property attractive to potential tenants who qualify for the Section 8 program.
If you're considering purchasing a property for your first Section 8 rental, the median home value in the area is around $500,853. This gives you an idea of the initial investment required to acquire a suitable property.
Before proceeding, it's crucial to verify that the property meets all the necessary requirements for the Section 8 program. This includes ensuring that the property is up to code, safe, and habitable, as these standards must be met for approval.
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.