Location: Albany County, WY | Metro: Albany County, WY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $820 | $224,345 | 0.37% | F |
| 2BR | $1,020 | $300,443 | 0.34% | F |
| 3BR | $1,410 | $376,596 | 0.37% | F |
| 4BR | $1,700 | $446,088 | 0.38% | F |
| 5BR | $1,972 | $527,231 | 0.37% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 82070, Laramie, WY, stands at $69,095. This figure provides a baseline for assessing housing affordability. The market rate rent, known as the Zillow Observed Rent Index (ZORI), is $1,133. To put this into context, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $990. This means that the market rate is $143 higher than the government's standard payment for vouchers.
The discrepancy between the market rate and the voucher payment creates a significant affordability gap for tenants. For instance, a household earning the median income would spend approximately 19.4% of their gross monthly income on the ZORI rent, which is $1,133 per month. However, if they rely on a voucher, the household would pay only 23% of their adjusted income towards rent, with the remainder covered by the voucher up to $990. This leaves a shortfall for landlords who accept vouchers, as the difference between the ZORI and FMR must be made up by the tenant or absorbed by the landlord.
With 45.2% of the population being renters, and a total population of 20,144, there is a notable demand for rental properties in Laramie. However, the affordability gap suggests that landlords may face competition from those willing to accept lower rents, particularly if they are not tied to market rates. Landlords who accept vouchers will need to adjust their expectations to align with the FMR, while those targeting cash-paying tenants might benefit from higher rents but should be prepared for a potentially smaller pool of qualified applicants.
The takeaway for landlords is clear: accepting vouchers means securing a steady, albeit lower, stream of income guaranteed by the government, whereas focusing on cash-paying tenants offers the potential for higher profits but requires a more selective approach to ensure long-term financial stability and occupancy. In either case, understanding the local income levels and renter demographics is crucial for making informed decisions about rental strategy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.