Location: Manitowoc County, WI | Metro: Manitowoc County, WI
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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,210 | $265,416 | 0.46% | F |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP 54228 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $970, while the market rent based on Census ACS data stands at $757. This gap is $213, representing a 28% difference.
In ZIP 54228, where 21.5% of residents are renters, and the median income is $71,842, the higher FMR allows landlords to potentially earn more than they would from open-market tenants. Given the median home value of $251,327, landlords who accept Section 8 vouchers can capitalize on this yield play, attracting tenants willing to pay the higher FMR rate.
However, it is crucial to note that accepting Section 8 tenants comes with its own set of considerations. While the FMR is higher than the market rent, landlords must ensure that the administrative and compliance costs associated with the program do not erode the financial benefits. Additionally, maintaining units to meet HUD standards is essential to retain voucher tenants.
This scenario makes ZIP 54228 a compelling investment opportunity for landlords and small-portfolio investors looking to maximize returns through the Section 8 program, given the favorable gap between FMR and market rent.
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.