Section 8 Fair Market Rent (FMR) for ZIP 54638 - 2027
Location: Monroe County, WI | Metro: Vernon County, WI HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $710 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$60,417
A landlord considering investing in ZIP code 54638 for Section 8 purposes must follow a structured decision-making process. Here's how to evaluate the opportunity:
- Does FMR $970 (metro FY 2026) clear debt service on a $224,147 property?
- Yes: The Fair Market Rent (FMR) of $970 is sufficient to cover the debt service of a property priced at $224,147. This means that if you can acquire a property at this price point, the rental income from Section 8 tenants will be adequate to meet your mortgage payments and other financial obligations.
- No: If the debt service exceeds what the FMR can provide, then acquiring a property in ZIP 54638 for Section 8 would not be financially viable. Ensure that your acquisition costs align with the FMR to maintain positive cash flow.
- Is market rent $609 (Census ACS) above, at, or below FMR?
- Above: If the market rent of $609 is higher than the FMR of $970, it suggests that there is potential to command higher rents outside of Section 8. However, for Section 8 investments, focus on the FMR rather than market rates.
- At: If market rent equals the FMR, then the investment aligns perfectly with the rental subsidy levels, making it straightforward to manage expectations for both tenants and landlords.
- Below: If market rent is below the FMR, it indicates that the area may be undervalued, offering a potential advantage for Section 8 investments. Landlords can benefit from higher-than-market rental subsidies.
- Are 16.6% renters + N/A-day DOM enough demand?
- It Depends: With 16.6% of the population renting, there is a moderate level of demand. However, the lack of data on Days on Market (DOM) makes it challenging to assess the speed at which properties are rented. Consider local trends and speak with real estate agents to understand the rental market dynamics better. If the rental demand is steady and the competition isn't too high, then the investment could be worthwhile despite the limited DOM data.
In summary, for ZIP 54638, the FMR of $970 is the critical figure for determining if a property priced at $224,147 is a sound investment for Section 8. Market rent being below the FMR presents an opportunity, but the absence of DOM data requires further investigation into local rental market conditions.
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.