Location: Green Lake County, WI | Metro: Fond du Lac, WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
Ripon, WI's ZIP code 54971 encompasses a neighborhood with a total population of 10,907 residents, where 28.2% are renters. The median household income stands at $66,699, while the median home value is $253,528. This paints a picture of a modestly priced community with a significant portion of renters, suggesting a mix of young professionals, families, and possibly students if there is a nearby educational institution.
The Fair Market Rent (FMR) for ZIP 54971 for fiscal year 2024 is set at $940. In contrast, the actual market rent, according to Census ACS data, is $778. This indicates that the government's rental assistance program, Section 8, offers a higher subsidy rate than the prevailing market rates, which could be beneficial for landlords willing to participate in the voucher program.
Given these figures, ZIP 54971 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR compared to market rent means that they can potentially receive a steady stream of income without the need for extensive property management. Meanwhile, value-add buyers can leverage the gap between the FMR and market rent to improve properties and still attract tenants through the Section 8 program. They might also consider increasing rents over time, as the neighborhood shows a reasonable median income level that supports gradual rent hikes.
In summary, ZIP 54971 presents an opportunity for landlords and small-portfolio investors due to its balanced demographic profile and favorable economic conditions for Section 8 participation. Whether opting for a passive approach or seeking to actively enhance property values, the potential for stable occupancy and financial returns is strong.
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.