1st Advantage MortgageSheboygan is a WI market where the rent-to-payment ratio decides the loan. Median rent is $924, median home value is $174,200 and 39% of households rent.
Sheboygan rents, values and tenants
Citywide, Sheboygan renters pay a median $924 in gross rent (rent plus utilities), about 15% below the Wisconsin median of $1,087, and owner-occupied homes have a median value of $174,200, well below the Wisconsin median of $266,500. By the simple measure of annual rent over home value, Sheboygan sits at 6.4%, close to the range investors often call workable. Lenders do not underwrite a ratio like that, but investors use it to decide where to look first.
| Indicator | Wisconsin | Sheboygan | Difference |
|---|---|---|---|
| Persons per household | 2.33 | 2.29 | |
| Share in 2-4 unit buildings | 9.4% | 18.1% | +93% |
| Share of homes detached | 66.2% | 56.5% | -15% |
| Long commuters, 45 min plus | 10.2% | 5.7% | -44% |
| Degree holders, age 25+ | 33.4% | 23.4% | -30% |
| Workers on their own account | 8.5% | 6.1% | -29% |
| Units sitting vacant | 10.8% | 6.1% | -43% |
| Typical construction year | 1975 | 1959 | |
| Households that rent | 32.2% | 39.1% | +22% |
| Tax as a share of home value | 1.42% | 1.56% | +9% |
| Annual property tax bill, median | $3,792 | $2,714 | -28% |
| Household income, median | $77,485 | $62,927 | -19% |
| Typical owner-occupied value | $266,500 | $174,200 | -35% |
| Typical monthly rent | $1,087 | $924 | -15% |
| Residents (Census estimate) | 5,914,872 | 49,645 |
The renter share is 39.1% in Sheboygan, about 22% above the Wisconsin median of 32%, a sizable rental market. Median household income is $62,927, about 19% below the Wisconsin median of $77,485, and 36% of renter households pay 30 percent or more of income on rent.
The kind of housing in Sheboygan
The housing stock in Sheboygan leans toward shared walls: 39% of units are in multi-unit buildings, and 18% sit in small two to four unit properties. The typical home dates to 1959, which puts inspection, insurance on older systems and rehab cost near the top of the checklist.
Use vacancy as a reality check: 6% of all units are vacant in Sheboygan, and the rental vacancy rate is 3.2%.
Reading Sheboygan as an investor
Sheboygan's 6.4% yield is workable. Expect most single-family rentals to land near the lender's minimum ratio, so details like taxes after reassessment matter. An older stock (built 1959 at the median) means the inspection report can change your numbers more than the rent does. With about 39% of households renting, Sheboygan has enough tenants to support investors without being dominated by them.
What costs can do to a Sheboygan ratio
The Census reports median real estate taxes paid of $2,714 in Sheboygan, well below the Wisconsin median of $3,792. Against the median value that is an effective rate of roughly 1.56%, compared with 1.42% for Wisconsin as a whole. That is about 24% of a year of median rent gone to taxes before the loan is even counted.
For hazards, FEMA's National Risk Index puts Sheboygan County at a relatively low overall rating, and its top-ranked hazards are hail (relatively moderate), cold waves (relatively moderate) and tornadoes (relatively moderate).
| Hazard in Sheboygan County, FEMA index | Level |
|---|---|
| Winter weather exposure | Relatively Moderate |
| Tornadoes exposure | Relatively Moderate |
| Cold waves exposure | Relatively Moderate |
| Hail exposure | Relatively Moderate |
| Social vulnerability score | Very Low |
| Annualized loss estimate | Relatively Low |
| Composite risk | Relatively Low |
Flood risk in Sheboygan is parcel by parcel: check the address on FEMA's flood map service, because a mapped high-risk zone means required flood cover and a heavier payment.
Rent math for Sheboygan buyers
Try the math at the medians. With rent at $924 and taxes near $226 a month, a 1.00 DSCR leaves $698 for everything else in the payment, a 1.20 ratio leaves $544, and a 1.25 ratio leaves $513. Any real property will differ, but the exercise shows how little room insurance and dues can take.
Legal checks before a Sheboygan purchase
Before you underwrite a Sheboygan rental, confirm with city hall and Sheboygan County whether landlords must register, pass an inspection or hold a permit, especially for stays under 30 days, because those rules can change what income a lender will count. Guests who book by the night in Sheboygan are taxed under state law as follows. Wisconsin taxes short-term lodging of under a month, requires a marketplace that processes the guest's payment to collect state sales tax, and leaves municipal room taxes to be filed with each taxing municipality.
The return clock runs 21 days from move-out in Wisconsin, so Sheboygan landlords should keep move-in photos and repair receipts.
Sheboygan next to nearby cities
Fond du Lac's median home value of $173,700 is the group's floor and Appleton's $231,400 its ceiling, while Sheboygan is $174,200.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Appleton | 33% | $3,588 | $231,400 | 75,023 | $1,030 |
| Milwaukee | 58% | $3,668 | $184,000 | 566,973 | $1,059 |
| Oshkosh | 45% | $3,401 | $177,700 | 66,729 | $935 |
| Fond du Lac | 42% | $3,074 | $173,700 | 44,494 | $913 |
| Sheboygan | 39% | $2,714 | $174,200 | 49,645 | $924 |
What fills Sheboygan rentals
About 6.1% of Sheboygan workers are self-employed, the kind of borrowers whose tax returns understate cash flow and who often prefer a loan sized on rent. On the workforce side, government workers are about 8% of employment, 23% of adults hold a bachelor's degree or higher and 6% of commuters travel 45 minutes or more.
Higher education in and around Sheboygan includes University of Wisconsin-Green Bay and Lakeshore Technical College, which feeds demand for student, staff and faculty housing near campus. For getting around, Sheboygan has interstate access via I-43 and air service through Sheboygan County Memorial Airport, which matters to commuters and to out-of-town owners planning a visit.
Next steps for a Sheboygan purchase
A good Sheboygan file has four pieces: rent evidence, a tax estimate, an insurance quote and cash. Preview the ratio in the calculator, then apply or talk to us.
More Wisconsin markets
- All Wisconsin DSCR loans
- DSCR loans in Fond du Lac, WI
- DSCR loans in Oshkosh, WI
- DSCR loans in Milwaukee, WI
- DSCR loans in Appleton, WI
- Every market we cover
Where we checked
- Wisconsin tax source: Wisconsin DOR Publication 219
- ACS 2020 to 2024 estimates for Sheboygan
- National Risk Index entry, Sheboygan County
- Wikipedia: Sheboygan, Wisconsin
- Deposit statute: Wis. Stat. 704.28; Wis. Admin. Code ATCP 134.06
Numbers for Sheboygan come from the Census Bureau's 2020 to 2024 ACS and are survey estimates. RedFlagLease (CC BY 4.0) supplies the Wisconsin landlord-tenant notes, and the statutes are linked. Last reviewed October 2026; the city and county have the final word on Sheboygan rules.
Before you make an offer
Ask the seller for twelve months of utility bills and any lease on the Sheboygan property, confirm who pays water, trash and lawn care, and get the insurance quote before the inspection period ends so the ratio is tested on real numbers.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
How does a lender pick the rent for a Sheboygan DSCR file?
The property's own rent evidence decides: a lease, or the market rent from the appraisal. Citywide, Sheboygan renters report a median of $924.
How is the DSCR figure built for a Sheboygan property?
The denominator is the whole housing payment. Using Sheboygan's median rent of $924, a ratio of 1.25 allows $739, and a ratio of 1.00 allows all $924.
What does Sheboygan County charge in property tax, in practice?
Typical owners pay $2,714, or 1.56% of home value, with Wisconsin overall at 1.42%. Do not assume the seller's bill carries over to you.
Can nightly stays at a Sheboygan property support a DSCR file?
Where lender guidelines allow it, yes, with platform history or a market projection. First confirm that Sheboygan and any HOA permit stays under 30 days, and that you can register for Wisconsin lodging tax.
What deposit rules apply to a WI rental?
Landlords in Sheboygan follow Wis. Stat. 704.28; Wis. Admin. Code ATCP 134.06. Return deadline: 21 days from move-out.
What hazard risk does Sheboygan carry for investors?
The National Risk Index gives the county an overall relatively low rating. Use that as a prompt to get quotes, not as a verdict on one Sheboygan street.
Is an entity required for a WI DSCR loan?
You do not need one, and many investors close in an entity. If you use an LLC, the lender asks for formation documents and usually a personal guaranty. Talk to your attorney and accountant about structure for a Wisconsin property.