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 |
The market analysis for Section 8 investors targeting ZIP 82061 in the Cheyenne, WY MSA reveals several key points. The Fair Market Rent (FMR) as determined by HUD for this area in fiscal year 2024 is set at $1100. This figure serves as a benchmark for rental properties accepting Section 8 vouchers. However, the current market rent data for the area is unavailable, making direct comparisons challenging.
To assess whether voucher tenants can provide positive cash flow at the FMR, we must consider the cost structure of maintaining rental properties. Given the FMR of $1100, it is likely that voucher tenants will only cash flow marginally unless the landlord has access to properties with significantly lower costs, such as older or less desirable units. The lack of specific market rent figures means that there's no clear indication of how much above or below the FMR typical rents are, which would be crucial for determining the exact cash flow potential.
The median home value for ZIP 82061 is also currently unavailable, which means deriving a precise rent-to-price ratio is not possible. However, the absence of this data does not necessarily indicate a weak market; it could simply reflect limited available data. If historical trends hold, the rent-to-price ratio in this area might suggest that buying homes could be more advantageous than renting, but without specific figures, this remains speculative.
The days on market (DOM) and the percentage of price cuts for homes in this area are also not provided, which are important metrics for understanding the rent-versus-buy dynamics. Typically, if homes are selling quickly and without significant price reductions, it suggests a strong demand for homeownership, which could influence rental markets. However, due to the unavailability of these figures, it's difficult to make a definitive statement about the relationship between the two markets.
In conclusion, based on the available HUD FMR data, Section 8 voucher tenants will likely cash flow marginally in ZIP 82061, assuming typical property maintenance costs. The strongest investor angle in this scenario appears to be stability, given the consistent government-backed rental income, even if appreciation and high cash flow are less certain.
Data Sources: FMR data from HUD (2027).
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.