Location: Waushara County, WI | Metro: Portage County, WI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The analysis for Section 8 properties in ZIP code 54909 reveals a significant gap between the Fair Market Rent (FMR) set at $1,030 and the actual market rent reported at $944 for the fiscal year 2026. This discrepancy amounts to an $86 difference, representing a 9.2% gap between the two figures.
Given that the FMR exceeds the market rent, it becomes evident that voucher tenants can offer a compelling yield opportunity for landlords and small-portfolio investors. The higher FMR means that landlords who accept Section 8 vouchers can potentially charge closer to $1,030 per month, which is above the current market rate of $944. This makes the area attractive for those looking to maximize rental income without the usual risks associated with market-rate fluctuations.
In ZIP 54909, where only 13.4% of the population are renters, the median home value stands at $270,407, indicating a relatively stable and affluent residential market. However, the median income of $80,417 suggests that a portion of the population may still find it challenging to afford market-rate rents without assistance.
For landlords, accepting Section 8 vouchers can provide a steady stream of rental income that is guaranteed by the government. This stability can be particularly advantageous in a low-renter environment where finding reliable tenants might otherwise be difficult. Moreover, the ability to charge closer to the FMR of $1,030 can offset some of the administrative burdens and potential delays in receiving payments associated with managing Section 8 properties.
Investors should also consider the broader implications of this gap. While the higher FMR can lead to increased cash flow, it is important to understand the dynamics of the local housing market. The relatively high median home value and lower percentage of renters suggest that there may be limited demand for rental properties overall, making Section 8 a strategic choice for securing a consistent tenant base.
To summarize, the $86 gap between the FMR and market rent in ZIP 54909 presents a clear opportunity for landlords and small-portfolio investors to leverage the Section 8 program for enhanced yields. With the FMR being higher than the market rent, landlords can benefit from the government-backed payment structure while charging rates that exceed the current market average. This strategy aligns well with the local economic conditions, providing a reliable income source in a market where rental demand is lower compared to homeownership.
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.