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Rental Insights for ZIP Code 53703 (Madison, WI)

Housing Rentals in ZIP Code 53703 (Madison, WI)

53703 ZIP Code in Wisconsin

A Deep Analysis of Housing Rentals in the ZIP Code 53703

The 53703 ZIP Code is principally located in Madison, WI in Dane County. The estimated median housing rent in this Wisconsin region is $1,169 per month. Approximately 85.6% of housing units in this Dane County ZIP Code are occupied by renters, while the region has an estimated rental unit vacancy rate of 3.4%.

The median rent in ZIP Code 53703 of $1,169 per month is 37% higher than the aggregate Wisconsin median monthly rent of $856, and is 10% higher than the $1,062 the median monthly rent in the U.S. overall. Approximately 35.3% of residents in ZIP Code 53703 pay between $500 and $999 per month for rent. That is 38% lower than in Wisconsin overall, in which 57.3% of total state residents pay between $500 and $999 per month for housing. Only 2.2% of renters in this Madison, WI region pay $3,000 or more per month for rent.

ZIP Code 53703 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 53703

See the chart below for a comparison of monthly rental costs in ZIP Code 53703, Wisconsin, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 53703 along with those in the state of Wisconsin and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 53703

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 53703 Wisconsin U.S.
Less than $500 3.8% 10.2% 9.4%
$500 to $999 35.3% 57.3% 36.2%
$1,000 to $1,499 33.2% 25.3% 30.0%
$1,500 to $1,999 18.7% 5.2% 14.0%
$2,000 to $2,499 4.0% 1.2% 5.6%
$2,500 to $2,999 2.8% 0.4% 2.4%
$3,000 or more 2.2% 0.4% 2.4%

Rent Cost vs. Income in ZIP Code 53703

Renters in ZIP Code 53703 use an estimated 32.09% of their income to cover their monthly rent payments. That is about 14% higher than in Wisconsin overall. The estimate for Wisconsin overall is 28.24% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 53703 renters use about 8% more of their income to cover rent expense. Household income figures for ZIP Code 53703 come in lower than in Wisconsin as a whole. The median annual household income in ZIP Code 53703 of $40,902 sits approximately 34% lower than the overall Wisconsin median income of $61,747 and approximately 35% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 53703

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 53703, Wisconsin, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 53703 along with the same calculations in the state of Wisconsin and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 53703

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 53703 Wisconsin U.S.
Less than 15.0 percent 9.4% 16.3% 13.1%
15.0 to 19.9 percent 11.3% 14.8% 12.9%
20.0 to 24.9 percent 11.1% 13.5% 12.9%
25.0 to 29.9 percent 10.7% 11.4% 11.6%
30.0 to 34.9 percent 7.1% 8.5% 9.1%
35.0 percent or more 50.4% 35.5% 40.5%

Household Income in ZIP Code 53703

See the table below for the regional comparison of annual household income in ZIP Code 53703.

Income ZIP 53703 Wisconsin U.S.
Less than $10,000 13.8% 4.7% 6.0%
$10,000 to $14,999 7.4% 4.3% 4.3%
$15,000 to $24,999 12.0% 9.0% 8.9%
$25,000 to $34,999 11.4% 9.4% 8.9%
$35,000 to $49,999 13.0% 13.3% 12.3%
$50,000 to $74,999 14.7% 18.8% 17.2%
$75,000 to $99,999 8.4% 14.2% 12.7%
$100,000 to $149,999 9.3% 15.8% 15.1%
$150,000 to $199,999 3.9% 5.7% 6.8%
$200,000 or more 6.0% 4.9% 7.7%

Household Income in ZIP Code 53703

See the chart below for a comparison of annual household income figures in ZIP Code 53703, Wisconsin, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 53703 alongside the same figures for the state of Wisconsin and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 53703

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 53703.

ZIP 53703 Wisconsin U.S.
Median Housing Rent $1,169 $856 $1,062
Renter-Occupied Housing Units 85.6% 33.0% 36.0%
Rental Vacancy Rate 3.4% 4.9% 6.0%
Average Size of Renter-Occupied Unit 1.96 2.15 2.49
Average # of Bedrooms Per Unit 1.66 2.72 2.75
Percent of Income Spent on Rent 32.09% 28.24% 29.83%
Per Capita Income $33,664 $33,375 $34,103
Median Household Income $68,147 $80,674 $88,607
Living Below the Poverty Line 7.8% 7.2% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 53703

In ZIP Code 53703 (Madison, WI), and estimated 85.6% of housing units are occupied by renters. This region has an approximate rental vacany rate of 3.4%.

The per capita income in 53703 is estimated at $33,664, which goes along with an estimated median household income of $68,147. About 7.8% of residents in this Dane County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 1.96 occupants, while the units have an aggregate average size of 1.66 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 32.09% of their income on housing rental costs.

Rental FAQs for ZIP Code 53703

1

What is the median monthly rent in ZIP Code 53703?

Median rent for housing in ZIP Code 53703 in Dane County in Wisconsin is approximately $1,169 per month.
2

Is it expensive to rent in ZIP Code 53703?

Rent in ZIP Code 53703 is higher than average in the state of Wisconsin overall. The median monthly rent of $1,169 in ZIP Code 53703 is approximately 37% higher than the Wisconsin median of $856. Additionally, median rent in this Madison, WI region ($1,169) is about 10% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 53703?

High-priced rentals are more common in ZIP Code 53703 than in Wisconsin overall. The percentage of rentals in ZIP Code 53703 that cost $3,000 or more per month (2.2%) is about 450% higher than the Wisconsin rate of 0.4% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 8% higher than the aforementioned 53703 rate of 2.2%.
4

Are affordable rentals common in ZIP Code 53703?

Affordable rentals are less common in ZIP Code 53703 than in Wisconsin overall. The percentage of housing rentals in ZIP Code 53703 costing $999 or less per month (39.1%) is approximately 42% lower than the Wisconsin rate of 67.5% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 14% higher than the previously mentioned 53703 rate of 39.1%.
5

What is the most common cost range that rentals fall into in ZIP Code 53703?

The most common range for rental cost in ZIP Code 53703 is between $500 and $999 per month. About 35.3% of renters in 53703 pay in this range for monthly rent. In comparison, approximately 57.3% of renters in the state of Wisconsin fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 53703 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 53703 is lower than the rental vacancy rate in the state of Wisconsin overall. Rental vacancy of 3.4% in ZIP Code 53703 is about 31% lower than the Wisconsin rate of 4.9%. Looking more broadly, rental vacancy in this Madison, WI region (3.4%) is an estimated 43% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 53703? How does it compare to other Wisconsin regions?

Median household income in ZIP Code 53703 is lower than in the state of Wisconsin overall. Annual household income of $40,902 in ZIP Code 53703 is about 34% lower than the Wisconsin median of $61,747. Additionally, median household income in this Madison, WI region ($40,902) is approximately 35% lower than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 53703 spend on housing costs?

Renters in ZIP Code 53703 spend a higher amount of their income on rent costs than do renters in Wisconsin overall. Renters in ZIP Code 53703 spend an estimated 32.09% of their income on rent payments, which is about 14% higher than the overall Wisconsin estimated rate of 28.24%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 8% lower than the ZIP Code 53703 estimated rate of 32.09%.
9

Do renters in ZIP Code 53703 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 53703 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 53703 spending 30 percent or more of their income on rent costs (57.5%) is approximately 31% higher than the Wisconsin rate of 44% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 16% lower than the aforementioned 53703 rate of 57.5%.
10

What is the average household size of renter-occupied units in ZIP Code 53703?

The average household size of renter-occupied units in ZIP Code 53703 is lower than in the state of Wisconsin overall. Annual household size of 1.96 in ZIP Code 53703 is about 9% lower than the Wisconsin median of 2.15. Additionally, median household size in this Madison, WI region (1.96) is approximately 21% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Wisconsin ZIP Codes