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 median income in ZIP code 54865 stands at $61,875, providing a baseline for understanding the financial landscape of potential renters. However, the absence of market rate data for this area leaves us with limited information to assess the direct affordability for households. To fill this gap, we can look at the Fair Market Rent (FMR) figure provided by the Department of Housing and Urban Development (HUD), which is set at $970 for the metro area in fiscal year 2026.
This FMR represents the maximum amount that a Section 8 voucher holder can pay towards rent, making it a crucial benchmark for landlords and small-portfolio investors. Given the median income, households may struggle to afford market rates if they significantly exceed the FMR. This creates an affordability gap where renters must rely on subsidies such as Section 8 vouchers to secure housing.
With only 10.5% of the 517 residents being renters, the competition among landlords is relatively low compared to densely populated areas. However, the reliance on voucher payments means that landlords must consider the benefits and drawbacks of accepting Section 8 tenants versus those who can pay in cash. The FMR of $970 ensures a stable income source but may limit the pool of available tenants to those eligible for assistance.
Takeaway for Landlords: In ZIP code 54865, preparing to accept Section 8 vouchers is a strategic move given the low percentage of renters and the likely need for subsidized housing. While the FMR of $970 might be lower than some market rates, it guarantees a consistent rental income stream and access to a segment of the population that would otherwise find housing unaffordable. For those considering exclusively cash-paying tenants, they should be prepared for a smaller pool of potential renters and possibly higher vacancy 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.