Location: Iron County, WI | Metro: Ashland County, WI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 54546 has a population of 1,332 residents, with 10.7% being renters. This indicates that the area is primarily homeowner-dominated rather than renter-heavy. The median household income stands at $70,104, which provides a benchmark for assessing rental affordability.
Average market rent in this area is $594. To put this into perspective, the typical rent consumes approximately 9.9% of the median household income. This is calculated by dividing the market rent ($594) by the median household income ($70,104), then multiplying by 100 to get the percentage. In comparison, the Fair Market Rent (FMR) for the area is set at $970 for fiscal year 2026, indicating that the actual market rent is significantly lower than the FMR, which is often used to determine the maximum amount of rental assistance provided by housing choice voucher programs.
The disparity between the market rent and the FMR suggests that there is likely a deep demand for housing vouchers in this area. Landlords can expect tenants who are seeking to leverage their vouchers to cover a larger portion of their rent compared to what they might pay out-of-pocket. Given the relatively low market rent compared to the FMR, tenants using vouchers will have additional funds available to cover other living expenses, making them potentially more financially stable.
In summary, ZIP 54546 is not a renter-heavy area, but it does present opportunities for landlords who accept Section 8 vouchers. The expected tenant profile includes individuals and families who benefit from rental assistance, allowing them to afford housing in an area where the cost of living is modest relative to their income levels. Landlords should be prepared to work within the guidelines and regulations associated with voucher programs, knowing that their tenants will likely have a significant portion of their rent subsidized, leading to a more predictable and stable rental income.
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.