Location: Cheyenne, WY | Metro: Cheyenne, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 82009 presents a unique set of conditions that suggest a nuanced approach to pricing power and investment strategy over the next 12 to 24 months. With a median home value of $490,952, the market reflects a stable housing environment where slight adjustments can have significant impacts on overall demand.
A notable statistic is the 0.2% reduction in listings, indicating that sellers are maintaining their asking prices despite a minor dip in the number of homes being listed. This could be a sign of confidence in the local market's ability to absorb inventory at current price levels. Coupled with a median Days on Market (DOM) of 27 days, it suggests that homes are selling relatively quickly, which supports the notion that the current pricing structure has strong backing among buyers.
However, the rental market dynamics provide a counterpoint to this narrative. The Fair Market Rent (FMR) for ZIP 82009 in fiscal year 2024 is projected to be $1,100, while the Zillow Observed Rent Index (ZORI) stands at $1,791. This gap highlights a scenario where rental properties are commanding higher rates compared to government benchmarks, possibly due to a mismatch between supply and demand or other local economic factors. For landlords and small-portfolio investors, this signals an opportunity to leverage rental income effectively, given the current market rates.
The setup implied by these figures suggests that long-term investors in ZIP 82009 should expect modest appreciation in property values. The quick sale times and maintained listing prices indicate a steady market, but the significant disparity between FMR and ZORI points to potential challenges in converting rental properties into equity gains. Investors should focus on the cash flow generated from rentals rather than expecting rapid capital appreciation.
In summary, the data paints a picture of a market where pricing power remains relatively strong, but appreciation expectations should be tempered. The quick turnover of homes and slight resistance to price reductions support maintaining current valuations, while the rental market offers a more dynamic income stream. For those considering long-term investments, the emphasis should be on sustainable rental yields rather than speculative growth in property values.
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.