Location: Cheyenne, WY | Metro: Cheyenne, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP code 82053 highlights several challenges that landlords and small-portfolio investors should consider before entering into Section 8 properties. Firstly, tenant turnover presents a significant issue. With a market rent of $1,614 compared to the Federal Market Rent (FMR) of $1,170 for FY 2024, there is a substantial gap that could lead to frequent tenant changes as voucher holders seek affordable housing options. This turnover can disrupt rental income stability and increase management costs.
Vacancy exposure is another concern, particularly due to the lack of data on Days on Market (DOM), which indicates how long it might take to fill vacancies. Given the limited information, it's prudent to assume that finding tenants willing to pay the market rate in a Section 8 program might be challenging, leading to extended vacancy periods and reduced revenue.
The deferred-maintenance exposure is also notable. With an average home value of $423,522 and a median income of $115,486, property owners must ensure that maintenance costs do not exceed the financial capacity of the area. The disparity between home values and incomes suggests that residents may struggle to afford significant repairs, potentially leaving landlords responsible for extensive upkeep without a corresponding increase in rental income.
However, these risks must be weighed against the fact that 2.9% of the population are renters, which typically translates to higher demand for housing vouchers. This demographic characteristic can provide a steady stream of potential tenants who qualify for Section 8 assistance, mitigating some of the financial uncertainties associated with vacancy and maintenance issues.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP code 82053 is moderate. While there are clear challenges related to tenant turnover, vacancy, and maintenance, the relatively high renter share offers some reassurance regarding consistent demand for subsidized housing.
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.