Location: Green Bay, WI | Metro: Green Bay, 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 | $1,100 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,900 | $399,440 | 0.48% | F |
U.S. Census Bureau data (2024)
Skeptical investors looking into ZIP 54229 might have several concerns regarding the feasibility of investing in the area through the Section 8 program. Let's address these objections head-on using the available data.
Will Fair Market Rent (FMR) of $1280 cover the mortgage on a $394,658 home?
The FMR of $1280 in ZIP 54229 for fiscal year 2024 is a critical figure when considering whether it can sufficiently cover the mortgage payments on a property valued at $394,658. To determine this, we must calculate the potential monthly mortgage payment. Assuming a standard 30-year fixed-rate mortgage with an interest rate of 4%, the monthly principal and interest payment would be approximately $1,877. This means that the FMR of $1280 falls short by around $597 per month. However, it's important to note that this calculation does not take into account other sources of income such as co-pays from tenants or additional rental properties in the portfolio. Landlords should also consider the possibility of receiving higher rents for homes above the median price.
Is there enough renter demand at 26.8%?
The percentage of renter-occupied housing units in ZIP 54229 stands at 26.8%. While this may seem low to some investors, it indicates a significant number of renters who could potentially be interested in Section 8 properties. A lower percentage of renter-occupied units does not necessarily mean a lack of demand; it could also suggest a strong homeownership culture. The key is to understand the local market dynamics. If the cost of homeownership is prohibitive for many residents, the demand for rental properties, including those under Section 8, could still be robust. Investors should conduct further research into the local job market and housing affordability to gauge the true demand.
Will vouchers keep pace with $1,113 market rents?
The market rent in ZIP 54229 is set at $1,113, which is notably higher than the FMR of $1280. This raises a valid concern about whether the voucher amounts will increase to match rising market rents. According to HUD guidelines, FMRs are adjusted annually based on changes in the housing market. However, the adjustment may not always align perfectly with the local market conditions. In ZIP 54229, if the market rent continues to rise faster than the FMR, landlords might find themselves subsidizing the difference between the voucher amount and the actual rent charged. It's crucial for investors to monitor both the FMR and market rent trends closely to anticipate any gaps that may arise.
In summary, while the data presents challenges such as the gap between FMR and mortgage payments, and the uncertainty of voucher adjustments to match market rents, it also highlights potential opportunities in the local rental market. Investors should carefully evaluate these factors alongside other local economic indicators to make informed decisions.
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.