Location: Oneida County, WI | Metro: Forest County, WI
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $339,211 | 0.3% | F |
U.S. Census Bureau data (2024)
Three Lakes, WI, with a ZIP code of 54562, is a small suburban community with a total population of 2,038. Only 11.6% of residents are renters, indicating a predominantly owner-occupied area. The median household income here is $57,422, reflecting a middle-class community where most residents can afford homeownership. The median home value stands at $425,924, suggesting a stable housing market with relatively high property values.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for Three Lakes, WI, as of metro fiscal year 2026, is set at $970. However, the current market rent, according to the Census ACS, is $828. This discrepancy between the FMR and the actual market rent indicates an opportunity for landlords who can operate efficiently within the voucher system.
The landscape of Three Lakes, WI, makes it suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the lower market rent compared to the FMR means they can attract Section 8 tenants without significant financial strain. Meanwhile, hands-on buyers can leverage the higher median home value to potentially increase their rental rates over time, capturing more of the local economic potential. Both strategies have merit, but the choice depends on the landlord's willingness to manage properties actively versus passively.
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.