Location: Niobrara 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 | $890 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $216,274 | 0.69% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 82225, located in Niobrara County, Wyoming, reveals several key points that are crucial for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the area is set at $1,200 for fiscal year 2026, which is significantly higher than the current market rent of $599 based on Census ACS data. This discrepancy suggests that landlords may find it challenging to justify higher rents to tenants without offering substantial value additions such as upgraded amenities or services.
Moving on to the affordability of acquisitions, the median home value in ZIP 82225 stands at $186,291. Given the lack of specific data on days on market (DOM) and the percentage of homes requiring price cuts, it's essential to consider the broader context of the real estate market. Typically, lower DOM and a smaller percentage of homes needing price reductions indicate a seller's market, making acquisitions less affordable. However, without precise DOM and price-cut share figures, it's difficult to provide a definitive assessment of acquisition affordability.
Last, we evaluate the tenant demand in the area. With a total population of 1,616 and a renter share of 46.4%, there is a moderate level of demand for rental properties. This indicates that nearly half of the residents are potential tenants, providing a reasonable pool of renters for landlords.
In summary, while the tenant demand in ZIP 82225 is present, the rent math does not favorably align with the current market conditions. Landlords should be cautious about setting rents too high without offering significant improvements or services. Acquisition costs are relatively low, but the lack of detailed market liquidity data makes it challenging to assess the ease of acquiring properties. Overall, ZIP 82225 presents a viable investment opportunity for those willing to adapt their rental offerings to match the local market realities.
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.