Location: Wausau, WI | Metro: Wausau, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,390 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
U.S. Census Bureau data (2024)
The median income in ZIP code 54471 stands at $87,368, which places it in a relatively comfortable financial bracket. However, when considering the market rate for rent, which is set at $1,525 according to the Census ACS data, the situation becomes less favorable for renters. This figure represents a significant portion of an average household's income, making it challenging for many residents to afford market-rate housing without financial strain.
In comparison, the Federal Market Rent (FMR) standard for voucher payments in ZIP 54471 for fiscal year 2024 is $1,290. This means that tenants who receive housing vouchers will have a more affordable option, paying $1,290 instead of the $1,525 market rate. The difference between these two rates highlights a substantial affordability gap for renters without vouchers.
The ZIP code has a low percentage of renters at just 4.2%, with a total population of 1,636. This suggests that the rental market is quite limited, and landlords face stiff competition for finding tenants willing to pay the market rate. Given the tight rental market and the high cost of living relative to income, landlords may find it beneficial to consider accepting housing vouchers.
The takeaway for landlords is clear: while cash-paying tenants might offer higher rents, the competition for such tenants is fierce, and vacancy rates could be higher. Accepting vouchers at the $1,290 FMR can ensure steady occupancy and a reliable tenant base, even if it means receiving slightly lower rent payments compared to the market rate. This strategy can be particularly advantageous in a market where the majority of potential tenants struggle to meet the $1,525 market rate on their own.
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.