Location: Iron County, WI | Metro: Ashland County, WI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 54559 in Iron County, Wisconsin reveals several key points that are crucial for landlords and small-portfolio investors considering investment in this area.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $990. However, the market rent as reported by the Census ACS is significantly lower at $469. This discrepancy suggests that setting rents at the FMR level would be challenging due to the current market conditions. Landlords should adjust their expectations and aim for the market rate to ensure tenancy.
Secondly, regarding the affordability of property acquisition, the data presents some limitations. The median home value, days on market (DOM), and percentage of homes that have been price-cut are all listed as N/A. This lack of specific data makes it difficult to assess the typical costs and challenges of acquiring properties in this ZIP code. Investors will need to conduct further research to understand the local real estate market dynamics.
Finally, the analysis must consider tenant demand. With a population of 837, 23.8% of whom are renters, the pool of potential tenants is relatively small. This means that competition for rental properties could be fierce among landlords, and there might be limited opportunities for growth through new rentals.
In conclusion, while the current market rent is well below the FMR, making it less favorable for landlords aiming to maximize income, the small but present renter population ensures some demand exists. However, the lack of detailed acquisition data complicates investment decisions. Landlords and investors should proceed cautiously, focusing on realistic rent pricing and being prepared for a potentially challenging entry into the market.
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.