Section 8 Fair Market Rent (FMR) for ZIP 54247 - 2027

Location: Manitowoc County, WI | Metro: Manitowoc County, WI

Investment Score for ZIP 54247

N/A

Monthly Rent (2BR)

$1,190

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$900
1 Bedroom	$910
2 Bedrooms	$1,190
3 Bedrooms	$1,420
4 Bedrooms	$1,560
5 Bedrooms	$1,810
6 Bedrooms	$2,027
7 Bedrooms	$2,189
8 Bedrooms	$2,298

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
3BR	$1,420	$338,438	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,558

Median Household Income

$78,417

Housing Units

1,066

Renter Percentage

18.3%

Occupancy Rate

97.6%

Renter Occupied

190

The analysis of ZIP code 54247 within the Manitowoc County, WI metro area reveals key insights for landlords and small-portfolio investors.

Does the rent math work? The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,150. However, the current market rent, based on Census ACS data, stands at $835. This discrepancy suggests that landlords may struggle to achieve rents at the FMR level, indicating that the rent math does not currently favor higher rental prices.
Is acquisition affordable? With a median home value of $297,083, the cost of acquiring property in this ZIP code is relatively moderate. The lack of data on Days on Market (DOM) and the percentage of homes that were sold with price cuts makes it challenging to assess the competitiveness of the housing market. Nonetheless, the median home value provides a reasonable entry point for investment, especially if the goal is to secure properties at below the average market rate.
Is there tenant demand? The ZIP code has a population of 2,558, with 18.3% of residents being renters. While the renter share is not exceptionally high, it does indicate a steady demand for rental properties. Given the modest population size, the number of potential tenants is limited but consistent enough to support a few rental units.

A careful review of the data shows that while the acquisition cost is manageable, the current market conditions do not align with the potential rental income suggested by the FMR. Landlords should expect to set rental rates closer to the market average of $835 to attract tenants. Despite the lower renter share, there is sufficient demand to sustain a small portfolio of rental properties. In summary, ZIP 54247 presents an opportunity for investors willing to work within the constraints of the local rental market, focusing on affordability and steady occupancy rather than premium rents.

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.