Location: Eau Claire, WI | Metro: Eau Claire, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
The ZIP code 54702 in Unknown, WI, lacks comprehensive demographic data, including population size and percentage of renters. Similarly, the median household income is not available. This scarcity of information makes it challenging to definitively categorize the area as either renter-heavy or homeowner-dominated.
However, we can infer some aspects based on the limited data points. The Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, is set at $1030. This figure serves as a benchmark for understanding the rental market dynamics in ZIP 54702.
Without specific market rent figures, we cannot calculate the exact percentage of local income that goes towards rent. However, given the FMR of $1030, landlords should be prepared to offer units within this price range to attract tenants who rely on Section 8 vouchers. It's important to note that the actual market rents could vary, potentially making the area more or less competitive for voucher holders.
The tenant profile expected in ZIP 54702 will likely include individuals and families who qualify for housing assistance programs such as Section 8. These tenants often have lower incomes, necessitating government subsidies to afford housing. Landlords should ensure their properties meet HUD standards for quality and safety to be eligible for Section 8 participation.
To provide a more detailed analysis, additional data on the local rental market would be beneficial. This includes the average market rent, which would help in determining how much of the local income is consumed by rent. Furthermore, knowing the percentage of renters would clarify whether the area has a high concentration of potential Section 8 tenants.
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.