Location: Vilas County, WI | Metro: Gogebic County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The market in ZIP code 54540 is dynamic, with a clear indication of housing pressures that favor demand over supply. The Fair Market Rent (FMR) set at $970 for the fiscal year 2026 is notably higher than the current market rent of $608 based on Census ACS data. This suggests that there is an upward trajectory in rental prices, likely due to increasing demand from tenants. Landlords should be aware of this trend as it signals potential growth in rental income if they can maintain occupancy rates.
A median home value of $327,000 indicates a stable residential market, but the lack of specific data on price-cut shares and days on market (DOM) means we cannot conclusively determine the exact state of the sales market. However, the fact that such data is not available might imply a relatively balanced market without significant fluctuations in pricing or selling times.
The 10.0% renter share is a critical figure that points towards long-term housing pressure. With a smaller percentage of renters compared to homeowners, there's a suggestion that the area is more attractive to those seeking to buy rather than rent. This could mean that rental properties face stiff competition from the homeownership market, which might limit the pool of potential tenants. Nonetheless, the persistent demand pushing up the FMR above the current market rent shows that the rental sector remains vital and potentially lucrative for landlords who can offer competitive amenities and pricing.
In summary, ZIP 54540 presents a market where demand appears to be driving rental prices upwards, while the homeownership market holds steady. The smaller renter population implies that rental units must stand out to attract tenants, emphasizing the importance of maintaining quality and competitive pricing.
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.