Section 8 Fair Market Rent (FMR) for ZIP 54230 - 2027
Location: Manitowoc County, WI | Metro: Green Bay, WI HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $790 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$87,688
Housing Authorities Serving ZIP 54230
The decision to invest in ZIP code 54230 for Section 8 properties hinges on several key factors. Let's break down the analysis into a decision tree:
- Does FMR $1060 (zip FY 2024) clear debt service on a $314,401 property?
- Yes. The Fair Market Rent (FMR) of $1060 is sufficient to cover the debt service on a property valued at $314,401. This means that the rental income can support the mortgage payments and other costs associated with owning the property. Proceed to the next question.
- No. If the FMR does not cover the debt service, then purchasing a property in this ZIP code for Section 8 would not be financially viable. The rental income would fall short of covering the necessary expenses.
- Is market rent $638 (Census ACS) above, at, or below FMR?
- Above. If the market rent exceeds the FMR, landlords might consider renting outside of the Section 8 program to maximize income. However, since we are analyzing the feasibility of Section 8, this scenario does not apply directly to our decision-making process.
- At or Below. With the market rent at $638, which is below the FMR of $1060, Section 8 tenants would pay a higher rate than what the market offers. This makes the ZIP code attractive for landlords looking to participate in the Section 8 program, as they can secure a stable income at a rate higher than the local market average.
- Are 12.2% renters + N/A-day DOM enough demand?
- It Depends. The ZIP code has 12.2% of its population as renters, but the Days on Market (DOM) is not available. A low DOM indicates high demand, whereas a high DOM suggests lower demand. Without DOM data, it's difficult to gauge the competition for rental units. However, the percentage of renters is relatively low, which could indicate less demand for rental properties overall. This needs to be balanced against the potential demand for Section 8 properties specifically.
In summary, ZIP code 54230 shows promise for Section 8 investments due to the FMR being adequate for debt service and higher than market rent. However, the low percentage of renters and lack of DOM data introduce uncertainty regarding the overall demand for rental properties. Landlords must weigh these factors carefully before making an investment decision.
Data Sources: FMR data from HUD (2027). 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.