Location: Cheyenne, WY | Metro: Cheyenne, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
The analysis of ZIP 82050, located in the Cheyenne, WY MSA metro, reveals several key points for landlords and small-portfolio investors.
The rent math does not work in favor of landlords based on the available data. The Fair Market Rent (FMR) for ZIP 82050 for fiscal year 2024 is set at $1260. However, the market rent is listed as N/A, indicating that there might be insufficient data to accurately gauge the competitive rental rates in this area. This absence of market rent data makes it difficult to assess whether the FMR aligns with what tenants are willing to pay.
Regarding the affordability of acquisitions, the median home value is also listed as N/A. Without a specific figure, it's challenging to determine if purchasing properties in this ZIP code is financially viable for investors. Additionally, the number of days on the market (DOM) and the percentage of homes that had their prices cut are both listed as N/A, which further complicates the assessment of the local housing market dynamics.
Tenant demand in ZIP 82050 appears promising. With a population of 302, the renter share stands at 43.4%, suggesting that nearly half of the residents are likely seeking rental housing. This indicates a steady stream of potential tenants who could occupy rental units.
Verdict: While there is a notable tenant demand in ZIP 82050, the lack of comprehensive data regarding market rents, median home values, and housing market performance metrics such as DOM and price-cut shares, hinders a full evaluation of the investment potential. Landlords should proceed with caution, focusing on the strong rental demand while seeking additional local market insights to make informed decisions about rent pricing and property acquisition.
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.