Location: Cheyenne, WY | Metro: Cheyenne, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 82059 reveals some limitations due to incomplete data, specifically the lack of median home values and current market rents. However, we can still provide a general overview based on the available figures.
The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 82059 for fiscal year 2024 is set at $1300 per month. To annualize this figure, we multiply it by 12, resulting in an annual rental income of $15,600 for a two-bedroom unit under the Section 8 program.
Given that the median home value is not available, we cannot directly calculate the implied gross yield for properties in this area. However, if we assume a hypothetical median home value, we can illustrate how the gross yield would be calculated. For instance, if the median home value were $200,000, the gross yield would be approximately 7.8% ($15,600 / $200,000).
The situation becomes more complex when considering the absence of current market rent data. Without this information, we cannot compare the Section 8 FMR to what landlords might charge independently. This lack of data makes it difficult to assess the true potential of investment properties in ZIP 82059.
Additionally, the zero percent renter density suggests that there is either no significant population of renters in the area or the data is insufficient to determine the actual density. The N/A-day Days on Market (DOM) indicates a lack of recent sales activity, which could mean that the housing market is relatively inactive or that there is not enough data to draw conclusions.
In conclusion, while the Section 8 FMR provides a baseline for rental income at $1300 per month, the absence of median home values and current market rents hinders a comprehensive analysis of the gross yield. Landlords and investors should consider these limitations and seek additional local market data to make informed decisions about property investments in ZIP 82059.
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.