Location: Goshen County, WY | Metro: Goshen 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 | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $230,966 | 0.43% | F |
| 3BR | $1,380 | $355,120 | 0.39% | F |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP code 82223 (Lingle, WY) reveals interesting insights into potential investment opportunities. To begin, we must consider the Fair Market Rent (FMR) and market rent figures for a two-bedroom property. The annualized FMR for a 2BR unit is set at $960, while the Census ACS reports the market rent at $772.
Using these figures, we can calculate the implied gross yields based on the median home value of $271,535. For the FMR scenario, the implied gross yield is approximately 3.5%. This is derived by dividing the annualized FMR ($960) by the median home value ($271,535). In contrast, the implied gross yield using the market rent figure is roughly 2.8%, calculated by dividing the annualized market rent ($772) by the median home value ($271,535).
The difference between these two gross yields highlights the impact of Section 8 subsidies versus market-driven rental rates. However, when considering the actual investment potential, it's crucial to factor in the local rental market dynamics. Lingle, WY has a renter density of 29.7%, indicating that nearly a third of the residents are renters. This suggests a stable demand for rental properties, though it does not specify how many of those are likely to be Section 8 participants.
The N/A-day DOM (days on market) implies that there is no readily available data on how long properties typically remain unsold, which could indicate either a robust sales market or simply a lack of recent transactions to analyze. Given the limited data on the specific composition of renters in terms of Section 8 participation, it is reasonable to assume that the higher gross yield associated with the FMR scenario is less realistic for most investors. The market rent scenario, despite offering a lower gross yield, aligns more closely with the actual rental conditions faced by landlords in Lingle, WY.
To summarize, while the Section 8 subsidy provides a higher gross yield of 3.5%, the prevailing market conditions suggest a more realistic gross yield of 2.8%. Investors should weigh these figures carefully against their own criteria for acceptable returns and the specific requirements of Section 8 tenancy, including potential administrative overhead and the stability of tenant income sources.
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.