Location: Waushara County, WI | Metro: Appleton, WI MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $285,955 | 0.39% | F |
| 3BR | $1,540 | $403,427 | 0.38% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 54940, located in Fremont, WI, within Waushara County, can be broken down clearly. For fiscal year 2024, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is $960. In contrast, the local market rent averages $1,026 according to the Census ACS.
A landlord participating in the Section 8 program will receive a reimbursement based on the SAFMR plus any utility allowances and the tenant's contribution. The tenant is typically responsible for paying 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500 for a household in this area, the tenant would pay $450 toward rent. This amount is then added to the SAFMR to determine the total reimbursement.
In ZIP 54940, the total reimbursement would be calculated as follows:
Note that the SAFMR is the base rental payment made by the Housing Authority. The utility allowance is separate and varies depending on the specific circumstances of the household. However, for simplicity, we've included only the tenant portion and the SAFMR in our calculation.
Given the local market rent of $1,026, a landlord would actually receive a surplus when renting to a Section 8 tenant. The difference between the total reimbursement and the local market rent is $384. This means that for a two-bedroom unit priced at the local average, a landlord would receive an additional $384 per month beyond the typical market rate, effectively covering maintenance costs, property taxes, and other expenses associated with rental properties.
To summarize, in ZIP 54940, landlords who rent to Section 8 tenants for a two-bedroom apartment can expect a reimbursement of $1,410 per month, which is $384 above the local market rent of $1,026. This provides a clear financial advantage and stability for landlords and small-portfolio investors in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.