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)
To classify ZIP code 82054 on the axes of yield and stability, we must consider several key factors: the Fair Market Rent (FMR), the median home value, the percentage of renters, and the average household income. The FMR for ZIP 82054 in fiscal year 2024 is set at $1220, indicating the maximum rent that can be charged to tenants participating in the Section 8 program. This figure is crucial for determining potential rental yields.
The median home value in ZIP 82054 is $489,972, which is significantly higher than the FMR. This suggests that properties in this area could generate substantial rental income if leased outside of the Section 8 program, but for those strictly adhering to Section 8 guidelines, the yield will be capped at the FMR rate. It's important to note that the FMR does not account for market rents, which are currently unavailable, but typically market rents exceed the FMR, offering an even higher yield potential.
Moving on to stability, the ZIP code has 8.3% of its residents classified as renters. While this percentage is relatively low, it indicates that there is a smaller demand for rental properties compared to owner-occupied homes. Additionally, the average household income in the area is $52,981, which provides insight into the economic stability of the residents. A higher average income generally correlates with lower default rates and greater financial reliability among tenants.
Based on these figures, ZIP 82054 appears to be a moderate-stability market with a relatively low yield when strictly following Section 8 guidelines. The low percentage of renters and the lack of data on days-on-market (DOM) suggest a stable environment, but the limited rental demand might affect the overall attractiveness of the area for investment purposes. However, the significant disparity between the FMR and the median home value implies that properties could potentially be flipped or rented at market rates for higher returns, making it somewhat of a hybrid market. Landlords and small-portfolio investors should weigh the benefits of higher rental yields against the risks associated with lower rental demand and economic conditions.
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.