At $1,891/mo, rent takes about 21% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,891 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
Rent in Oconomowoc changed +4.4% over the year to September 2026. Across the 42 Wisconsin cities Zillow tracks, the typical change was +5.3%.
Rent has risen 5 months in a row, and rose in 9 of the last 12 months.
30% of the median household income ($106,425) is $2,661 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,890).
Watertown, 13 miles away, rents for 37% less ($1,182/mo), about $8,500 a year in savings.
From Zillow's monthly rent index (ZORI) for Oconomowoc. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Oconomowoc, WI is majority owner-occupied, has a median income above the national average, 48.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Oconomowoc, WI has changed in 5 years
Local incomes tracked alongside that move, going from a median of $95,914 in 2021 to $106,425 more recently. The population has grown by 6.2% since 2021, moving from about 17,969 residents to roughly 19,080. College-educated residents now make up 48.4% of adults here, versus 44.4% in 2021.
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Can you afford rent in Oconomowoc on your salary?
At $1,891/mo, how Oconomowoc rent compares to typical pay (30% rule).
Oconomowoc rent by bedroom count
Median rent for each apartment size in Oconomowoc. Click any size for full breakdown.
Tips for renters in Oconomowoc
Last updated: October 17, 2026
The median rent in Oconomowoc is $1,891/mo as of October 2026. A studio apartment averages $1,030/mo while a 2-bedroom runs $1,390/mo. One-bedroom apartments average $1,160/mo and 3-bedroom units go for $1,740/mo.
At 21% of local median household income ($106,425/yr), Oconomowoc ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.4% over the past year.
Frequently asked questions
How much income do you need to rent in Oconomowoc?
Is rent going up or down in Oconomowoc?
How does Oconomowoc rent compare to other cities in Wisconsin?
At $1,891/mo, rent takes ~21% of Oconomowoc's median household income ($106,425/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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