Location: Bayfield County, WI | Metro: Bayfield County, WI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 54844 is set at $970 for the fiscal year 2026. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which means that if you participate in this program, the government will pay up to $970 per month for a rental unit in this area. However, it's important to note that this is not the amount you can charge tenants; it's the maximum reimbursement you'll receive.
To put this into perspective, the average rent in ZIP 54844, according to Census ACS data, is $830. This suggests that the FMR is higher than the typical market rate, providing a slight buffer for landlords who might be concerned about covering costs.
The 9.8% renter share indicates that nearly 10% of the population in this area is looking for rental housing. This means there is a steady demand for rentals, especially those that fall within the budget constraints of many renters. For a landlord considering their first Section 8 property, this demand ensures a reasonable chance of finding tenants.
If you're interested in acquiring a rental property in this area, the median home value is approximately $257,971. This figure gives you an idea of the potential investment required to enter the market. It’s crucial to understand that this price does not necessarily reflect the cost of a rental property but rather the overall housing market value.
Before proceeding with a Section 8 rental in ZIP 54844, it is essential to verify that your property meets all the necessary standards and requirements set by the local housing authority. These include safety, health, and structural conditions, ensuring that the property is habitable and up to code. This step is critical because failing to meet these standards can result in penalties or loss of eligibility for the program.
In summary, participating in the Section 8 program with a property in ZIP 54844 can offer predictable income with a payment standard of $970 per month, slightly above the local average of $830. With a 9.8% renter share, there is a consistent demand for rental properties. To ensure a successful investment, confirm that your property complies with all the housing authority's criteria before finalizing any agreements.
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.