Location: Cheyenne, WY | Metro: Cheyenne, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 82005 presents a complex scenario for landlords and small-portfolio investors. With a median home value that is currently not available, it's important to look at other key indicators to understand the market dynamics.
The fact that a significant percentage of listings have been reduced in price signals a buyer's market. Sellers are having to lower their asking prices to attract buyers, which suggests that demand is not meeting supply. This reduction in listing prices can be indicative of a period where landlords might find it easier to negotiate property acquisitions at lower rates.
The median days on market (DOM) also being unavailable means we cannot assess how quickly properties are selling. However, typically, a higher DOM indicates a slower market, which could mean more opportunities for rental investments as potential homebuyers opt to rent rather than purchase.
Moving to the rental side, the Fair Market Rent (FMR) for ZIP 82005 in fiscal year 2024 is set at $1130. Without a current market rent figure for comparison, it's challenging to determine if there is upward pressure on rents. If the FMR is above the current market rent, it could suggest an opportunity for modest rent increases, but only if supported by rising demand or limited supply.
For long-term investors, the setup in ZIP 82005 does not clearly indicate strong appreciation potential. The lack of data on median home values and market rents makes it difficult to form a solid appreciation thesis. However, the presence of a buyer's market and potentially high DOM could imply that the area is undergoing a transition phase, which might eventually lead to stabilization or slight growth in property values.
In summary, while the data points towards a market where pricing power is somewhat diminished due to reduced listing prices, the potential for rental income remains steady at the FMR level. Long-term investment strategies should focus on maintaining rental yields and waiting for clearer signs of market stabilization before expecting significant capital appreciation.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.