Section 8 Fair Market Rent (FMR) for ZIP 54547 - 2027

Location: Iron County, WI | Metro: Iron County, WI

Investment Score for ZIP 54547

Monthly Rent (2BR)

$1,200

Median Price (2BR)

$292,781

1% Rule

0.41%

Annual Yield

4.92%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$870
1 Bedroom	$980
2 Bedrooms	$1,200
3 Bedrooms	$1,490
4 Bedrooms	$1,900
5 Bedrooms	$2,204
6 Bedrooms	$2,468
7 Bedrooms	$2,665
8 Bedrooms	$2,798

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,200	$292,781	0.41%	F
3BR	$1,490	$414,723	0.36%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,549

Median Household Income

$63,500

Housing Units

1,899

Renter Percentage

10.0%

Occupancy Rate

41.5%

Renter Occupied

The ZIP code 54547, encompassing Mercer, Wisconsin, presents a unique blend of rural charm and economic stability. This small community is characterized by its modest housing market and a significant portion of owner-occupied homes. However, the rental market offers insights into potential investment opportunities for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a one-bedroom apartment in the metro area for fiscal year 2026 is set at $1,150.
The average market rent for properties in ZIP 54547, according to the Census American Community Survey, is $334.
The median home value in this ZIP code stands at $303,914, indicating a stable property market.
Renters make up 10.0% of the housing market, suggesting a smaller but potentially lucrative rental sector.
The median household income in ZIP 54547 is $63,500, which supports a steady demand for affordable housing options.

The disparity between the Fair Market Rent and the actual market rent highlights a potential opportunity for investors to enter the rental market at a lower cost while positioning themselves to charge closer to the FMR. With a median home value that reflects a stable housing market and a median income that suggests residents can afford higher rents, landlords and small-portfolio investors can expect a balanced environment where both property appreciation and rental income are possible. The relatively low renter share indicates that there might be room for growth in the rental sector, making it an attractive option for those looking to diversify their real estate investments.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.