Location: Iron County, WI | Metro: Iron County, WI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The median income in ZIP code 54536 stands at $57,917. However, the market rate rental price is listed as N/A, which means there is insufficient data to determine the typical cost of renting in this area. Despite this lack of information on market rates, we can still analyze the situation based on the Fair Market Rent (FMR) set for voucher payments, which is $1,050 for the metro area in fiscal year 2026.
The affordability gap becomes apparent when comparing the median income to the FMR. A household earning the median income would likely find it challenging to afford market-rate rentals without assistance, given the limited data available. This suggests that many residents in ZIP 54536 might rely heavily on housing vouchers to secure their living arrangements.
With only 8.3% of the population being renters and a total population of 154, the number of potential tenants is quite small. This could indicate a competitive environment for landlords, as there may not be enough cash-paying renters to fill all available units if they exist. The scarcity of renters also implies that those who do rent might be more inclined to seek out affordable housing options such as those supported by vouchers.
For landlords considering their strategy, focusing on accepting Section 8 vouchers could prove beneficial. Given the small number of renters and the reliance on government assistance, properties that accept vouchers are more likely to attract tenants. By doing so, landlords can ensure steady occupancy and a predictable income stream tied to the FMR of $1,050, rather than hoping for a larger share of the local population to pay cash rent at potentially higher rates.
The takeaway for landlords is clear: in ZIP 54536, where the median income is low relative to the FMR and the number of renters is minimal, accepting Section 8 vouchers is a practical approach to maintaining occupancy and financial stability. Landlords should consider the benefits of consistent tenant turnover and income security that come with participating in the voucher program.
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.