Location: Crawford County, WI | Metro: Crawford County, WI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The analysis of Section 8 real estate in ZIP code 54657, located in Steuben, WI, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $970, while the current market rent stands at $817 according to the latest Census ACS data. This represents a $153 difference, or an 18.72% premium for voucher tenants.
In this context, landlords and small-portfolio investors should view the higher FMR as a yield play. The 18.72% premium ensures a steady and reliable income stream, which can be particularly attractive given the low risk associated with government-backed vouchers. With only 16.1% of residents being renters and the median household income at $70,750, there is limited competition from other rental properties. The lack of a median home value suggests a predominantly rental market, further supporting the viability of Section 8 properties.
The gap between FMR and market rent means that voucher tenants will pay slightly above the open-market rate, providing landlords with a margin that can cover maintenance costs and still offer a decent return on investment. This makes ZIP code 54657 a favorable location for those interested in Section 8 properties, as they can benefit from both the stability and the slight premium over market rates.
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.