Location: Wausau, WI | Metro: Wausau, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
The ZIP code 54402 in Unknown, WI, lacks comprehensive demographic data, including population size and percentage of renters. However, the median household income is also unspecified, which complicates a full analysis of the economic conditions affecting rental demand and affordability.
Despite these gaps, we can still assess the suitability of this area for Section 8 tenants based on the Fair Market Rent (FMR) data. For fiscal year 2024, the FMR for ZIP 54402 is set at $1020. This figure represents the maximum amount that a Section 8 voucher holder can pay towards rent, assuming they spend no more than 40% of their income on housing.
To understand the impact of this FMR on local rental markets, it's necessary to compare it with the prevailing market rents. Unfortunately, the specific market rent for ZIP 54402 is not provided, making it difficult to give an exact percentage of local income that typical rent consumes. Nonetheless, landlords should be aware that the $1020 limit could significantly affect the pool of potential tenants who rely on vouchers.
In areas where the FMR is low, such as $1020 in this case, landlords might encounter a tenant pool that is heavily reliant on government assistance. These tenants would likely have limited financial flexibility beyond what the voucher covers. It's important to note that without detailed income data, we cannot definitively state the proportion of income spent on rent, but generally, lower-income households in such areas could find the majority of their income going towards housing costs.
A landlord in ZIP 54402 should expect a tenant base that includes a significant number of individuals and families who qualify for and utilize Section 8 vouchers. The scarcity of detailed local rent data suggests that competition for tenants with vouchers could be high, especially if the local market rent exceeds the FMR. Landlords must prepare to comply with HUD regulations and ensure their properties meet the required standards for voucher eligibility.
Data Sources: FMR data from HUD (2027).
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.