FMR is below market; voucher rent may lag private rents.
0.77
1 BR
1 BR
0.84ratio
FMR$1,030
Market$1,220
vs market-$190
FMR is below market; voucher rent may lag private rents.
0.84
2 BR
2 BR
0.86ratio
FMR$1,280
Market$1,480
vs market-$200
FMR is below market; voucher rent may lag private rents.
0.86
3 BR
3 BR
0.85ratio
FMR$1,640
Market$1,940
vs market-$300
FMR is below market; voucher rent may lag private rents.
0.85
4 BR
4 BR
0.96ratio
FMR$1,980
Market$2,070
vs market-$90
FMR is near market; voucher and private rents are aligned.
0.96
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 53138 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 53138 (Honey Creek, WI) is $1,280 a month. That is up 3.2% from $1,240 in FY 2026. Honey Creek is in the Racine-Mount Pleasant, WI MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,283. Among 20 ZIP codes in Racine County, 53138 is tied for the 14th-highest two-bedroom rent (county range $1,190–$1,680). The median county two-bedroom FMR in Wisconsin is $1,041, so ZIP 53138 is 23% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 53138
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$850
$920
+8.2%
$828–$1,012
1BR
$990
$1,030
+4.0%
$927–$1,133
2BR
$1,240
$1,280
+3.2%
$1,152–$1,408
3BR
$1,600
$1,640
+2.5%
$1,476–$1,804
4BR
$1,970
$1,980
+0.5%
$1,782–$2,178
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 53138
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$920
$1,030
$1,280
$1,640
$1,980
FY 2026
$850
$990
$1,240
$1,600
$1,970
FY 2025
$790
$900
$1,150
$1,490
$1,820
FY 2024
$740
$840
$1,090
$1,430
$1,660
FY 2023
$680
$780
$1,020
$1,330
$1,490
Two-bedroom rent in nearby Racine County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 53138?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,283, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,155 to $1,411 a month; under the ZIP-level Small Area FMR of $1,280 it would be $1,152 to $1,408. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 53138 in?
ZIP 53138 is in the Racine-Mount Pleasant, WI MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,283.
How much did fair market rent change in ZIP 53138 for FY 2027?
The two-bedroom FMR rose 3.2%, from $1,240 in FY 2026 to $1,280 in FY 2027. Since FY 2023 it has risen 25.5%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set