Section 8 Fair Market Rent (FMR) for ZIP 54115 - 2027

Investment Score for ZIP 54115

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,050
1 Bedroom	$1,100
2 Bedrooms	$1,380
3 Bedrooms	$1,820
4 Bedrooms	$1,900
5 Bedrooms	$2,204
6 Bedrooms	$2,468
7 Bedrooms	$2,665
8 Bedrooms	$2,798

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,380	$296,427	0.47%	F
3BR	$1,820	$403,050	0.45%	F
4BR	$1,900	$476,850	0.4%	F
5BR	$2,204	$624,062	0.35%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 54115 (De Pere, WI) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 54115, as of 2026, indicate that the rent for a two-bedroom apartment is set at $1250 per month. This amount represents approximately 15.8% of the median household income of $94,721. However, the actual rental prices in the area can be significantly higher. For instance, the Zillow median price for a two-bedroom home in De Pere is $286,129, which translates to a monthly rent of roughly $1,483 based on a typical mortgage payment calculation (assuming a 4.5% interest rate over 30 years). The price-to-FMR ratio of 19.1x suggests that the actual rental prices are nearly 19 times the FMR for a two-bedroom unit. This means that tenants using Section 8 vouchers face significant constraints, as landlords may be hesitant to accept vouchers due to the disparity between FMR and market rates. #### Affordability & Renter Profile De Pere has a population of 50,411, with 33.3% of residents being renters. Given the occupancy rate of 96.7%, it indicates that the housing market is relatively tight, with few vacancies available. The median household income of $94,721 is quite high, suggesting that the typical resident in De Pere is financially stable and likely able to afford higher rents. However, for those relying on Section 8 vouchers, the high market rent prices pose a challenge. A tenant receiving a voucher for a two-bedroom unit would have to find a landlord willing to accept $1250, which is far below the market rate of $1,483. This situation could lead to difficulties in securing housing, particularly in a market where demand outstrips supply. #### Investor Angle From an investor's perspective, the ZIP code 54115 presents a mixed scenario. While the high median household income suggests a robust local economy, the tight housing market and high price-to-FMR ratio indicate that there might be limited opportunities for cash flow-positive investments at the FMR level. Investors looking to maximize returns may find it challenging to operate profitably within the FMR guidelines, especially considering the actual rental prices are much higher. The investment grade for this ZIP code would be moderate, given the strong economic indicators but the potential difficulty in finding tenants who can pay market rates while also accepting Section 8 vouchers. #### Specific Actionable Insights 1. **Target Larger Units**: Since the FMR for larger units (3BR and 4BR) is closer to the actual market rates ($1670 and $1740 respectively), investors should consider focusing on properties with three or four bedrooms. These units are more likely to attract tenants who can cover the difference between the voucher amount and the actual rent, thereby ensuring better cash flow. 2. **Consider Location-Specific Strategies**: Given the tight market conditions, investors should look into neighborhoods within De Pere that have slightly lower rental prices compared to the overall median. This could involve analyzing micro-markets within the ZIP code to identify areas where the demand for affordable housing is higher, potentially leading to more successful Section 8 tenancies. 3. **Engage with Local Real Estate Agencies**: To navigate the complexities of the De Pere rental market, investors should work closely with local real estate agencies that specialize in Section 8 rentals. These agencies can provide valuable insights into the preferences of voucher holders and help in negotiating terms that are acceptable to both landlords and tenants. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 54115 is to **Skip**. The high price-to-FMR ratio and tight housing market make it difficult to achieve positive cash flow while adhering to FMR guidelines. Investors should consider other ZIP codes with more favorable conditions for Section 8 properties. If they still wish to invest in De Pere, they should focus on larger units (3BR and 4BR) and engage with local real estate experts to optimize their strategies.

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.