Location: Polk County, WI | Metro: Minneapolis-St. Paul-Bloomington, MN-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 | $1,120 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,040 | $301,286 | 0.68% | D |
U.S. Census Bureau data (2024)
ZIP code 54005, located within the Polk County, WI metro, exhibits characteristics that distinguish it from typical ZIP codes in the county. The Fair Market Rent (FMR) for ZIP 54005 in fiscal year 2024 is set at $1270, which is notably higher than the market rent of $969. This indicates that the government's estimate of rental costs is above what the local market typically charges, suggesting potential demand for subsidized housing.
The median home value in ZIP 54005 stands at $300,414, which is likely on par with or slightly above average for the region, given the lack of comparative data. However, the renter share in this ZIP is 19.7%, a figure that suggests a significant portion of residents are renters rather than homeowners. This combination of factors—higher FMR, average to slightly above-average home values, and a substantial renter population—points towards ZIP 54005 being a mid-tier neighborhood within the metro area.
A notable divergence exists between the high FMR and the actual market rent, indicating a possible opportunity for landlords who can offer units at or near the FMR level. Additionally, the relatively high renter share without exceptionally high home values could signal a sweet spot for Section 8 investors. Landlords and small-portfolio investors should consider these dynamics when evaluating investment opportunities in ZIP 54005.
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.