Location: Columbia County, 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 | $1,150 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,020 | $333,370 | 0.61% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 53960 stands at $84,911, which places a significant constraint on the ability of households to afford the market rate rent of $913. This figure represents a substantial portion of their monthly income, making it challenging for many residents to secure housing without financial assistance.
Comparatively, the Fair Market Rent (FMR) set at $1250 for ZIP 53960 in fiscal year 2024 is notably higher than the current market rate. However, this FMR serves as the benchmark for Section 8 voucher payments, indicating that landlords accepting vouchers could receive a higher rental amount than the current market rate.
With only 20.7% of the 3,396 population being renters, the competition among landlords for tenants is relatively low. This means that landlords have an opportunity to offer slightly above-market rates to those with vouchers, ensuring a steady and reliable income stream.
The affordability gap in ZIP 53960 highlights the necessity for financial assistance programs such as Section 8 vouchers. For landlords, this translates into a strategic decision between cash-paying tenants and those utilizing vouchers. While cash-paying tenants might offer lower rents, accepting vouchers can provide a guaranteed income closer to the FMR of $1250, mitigating risks associated with unpaid rent and offering a more stable financial outlook.
Takeaway: Landlords in ZIP 53960 should consider the benefits of accepting Section 8 vouchers, given the higher payment standards compared to the current market rate. This approach can help attract tenants who otherwise would struggle to afford housing, while also providing a more predictable and stable income source.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.