53172

ZIPSAFMR

Milwaukee County, WI

ZIP Investment Score

70Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$930	$990	4.7%
1 BR	$1,010	$1,110	2.4%
2 BR	$1,210	$1,330	2.6%
3 BR	$1,490	$1,640	2.1%
4 BR	$1,610	$1,770	1.9%
5 BR	$1,851	Not available	1.9%
6 BR	$2,129	Not available	1.9%
7 BR	$2,449	Not available	1.9%
8 BR	$2,816	Not available	1.9%

Purchase Price Calculator

Maximum purchase price

$135,721

Cost breakdown

+Likely effective rent$1,330

HUD FMR$1,210

Market rent$1,940

Est. payment standard (110%)Used$1,330

-Principal and interest-$686

Loan amount$108,577

Down payment$27,144

Rate6.50%

Term30 years

-Operating costs-$444

Property taxes-$136

Insurance-$175

Utilities$0

HOA$0

Management-$133

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$21,526(79.3% ROI)

Projected value

$146,157

Return breakdown

Property appreciation+$10,436

Loan principal paid down+$3,890

Rental cash flow+$7,200

5-year hold

+$36,772(135.5% ROI)

Projected value

$153,556

Return breakdown

Property appreciation+$17,835

Loan principal paid down+$6,937

Rental cash flow+$12,000

10-year hold

+$78,543(289.4% ROI)

Projected value

$173,734

Return breakdown

Property appreciation+$38,013

Loan principal paid down+$16,530

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.90ratio

FMR$930

Market$1,030

vs market-$100

FMR is near market; voucher and private rents are aligned.

0.90

1 BR

0.84ratio

FMR$1,010

Market$1,200

vs market-$190

FMR is below market; voucher rent may lag private rents.

0.84

2 BR

0.62ratio

FMR$1,210

Market$1,940

vs market-$730

FMR is below market; voucher rent may lag private rents.

0.62

3 BR

0.66ratio

FMR$1,490

Market$2,250

vs market-$760

FMR is below market; voucher rent may lag private rents.

0.66

4 BR

0.61ratio

FMR$1,610

Market$2,660

vs market-$1,050

FMR is below market; voucher rent may lag private rents.

0.61

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 53172 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 53172 (South Milwaukee, WI) is $1,210 a month. That is down 4.7% from $1,270 in FY 2026. South Milwaukee is in the Milwaukee-Waukesha, 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 $1,263. Among 43 ZIP codes in Milwaukee County, 53172 is tied for the 27th-highest two-bedroom rent (county range $1,210–$1,890). The median county two-bedroom FMR in Wisconsin is $1,041, so ZIP 53172 is 16% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 53172
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$970	$930	−4.1%	$837–$1,023
1BR	$1,060	$1,010	−4.7%	$909–$1,111
2BR	$1,270	$1,210	−4.7%	$1,089–$1,331
3BR	$1,560	$1,490	−4.5%	$1,341–$1,639
4BR	$1,690	$1,610	−4.7%	$1,449–$1,771

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 53172
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$930	$1,010	$1,210	$1,490	$1,610
FY 2026	$970	$1,060	$1,270	$1,560	$1,690
FY 2025	$900	$1,010	$1,200	$1,490	$1,620
FY 2024	$810	$940	$1,120	$1,400	$1,520
FY 2023	$720	$860	$1,030	$1,300	$1,410

Two-bedroom rent in nearby Milwaukee County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 53172
53154	$1,720	+42.1%
53172Current	$1,210	—
53201	$1,230	+1.7%
53202	$1,890	+56.2%
53203	$1,890	+56.2%
53204	$1,210	0.0%
53205	$1,210	0.0%
53206	$1,210	0.0%
53207	$1,320	+9.1%
53208	$1,210	0.0%
53209	$1,210	0.0%
53210	$1,210	0.0%

Questions about ZIP 53172 rents

How much will Section 8 pay for a two-bedroom in ZIP 53172?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,263, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,137 to $1,389 a month; under the ZIP-level Small Area FMR of $1,210 it would be $1,089 to $1,331. 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 53172 in?

ZIP 53172 is in the Milwaukee-Waukesha, WI MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,263.

How much did fair market rent change in ZIP 53172 for FY 2027?

The two-bedroom FMR fell 4.7%, from $1,270 in FY 2026 to $1,210 in FY 2027. Since FY 2023 it has risen 17.5%.

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

County fair market rent South Milwaukee, WI fair market rent WI statewide rents What is SAFMR?Data sources