Location: La Crosse-Onalaska, WI | Metro: La Crosse-Onalaska, WI-MN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
The Fair Market Rent (FMR) for ZIP code 54602 in Unknown, WI, for fiscal year 2024 is set at $1130. This figure represents the maximum amount that a landlord can charge as rent for a Section 8 voucher holder in this area. It's important to note that this is not the actual rent you will receive, but rather the benchmark against which the Housing Authority will cap the rent.
The FMR is used to determine the payment standard, which is the amount that the Housing Authority will pay on behalf of the tenant. If your property qualifies under Section 8, the tenant will pay a portion of the rent based on their income, and the Housing Authority will cover the rest up to the $1130 limit. This ensures that the total rent does not exceed fair market levels.
Regarding local rent prices, unfortunately, the data for ZIP code 54602 is currently unavailable (N/A). However, the FMR provides a reliable guideline for setting rents that align with the local housing market, even if precise local data isn't available.
The percentage of renters in ZIP code 54602 is also listed as N/A. This metric would typically indicate the proportion of residents who are likely to be interested in renting properties, including those who might use Section 8 vouchers. While we don't have this exact number, the presence of Section 8 vouchers suggests there is a significant demand for affordable rental housing in the area.
The acquisition cost for properties in ZIP code 54602 is also marked as N/A. This usually refers to the cost of purchasing a property in the area, which can vary widely depending on the condition, location, and size of the property. Without specific data, it's advisable to research comparable home values in the area to estimate potential acquisition costs.
Before deciding to enter into a Section 8 agreement, ensure that your property meets all the necessary requirements set by the Housing Authority. These include safety, health, and structural standards. A thorough inspection and any required repairs will be necessary to qualify for the program.
In summary, the $1130 FMR for ZIP code 54602 sets the ceiling for rent charges under the Section 8 program. This is a critical figure to consider when evaluating whether to participate in the program, as it directly impacts your income from the rental property.
Data Sources: FMR data from HUD (2027).
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.