Location: Goshen County, WY | Metro: Goshen County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
Torrington, WY's ZIP code 82240 is a modest-sized community with a total population of 9,667 residents. Approximately 28.5% of these residents are renters, indicating a neighborhood where a significant portion of the populace seeks housing through rental agreements rather than homeownership. The median household income in this area stands at $60,766, reflecting a middle-class community. Median home values in ZIP 82240 are set at $234,236, suggesting that while homeownership is possible, it remains a considerable investment for local families.
Moving into the economic dynamics of renting, the Fair Market Rent (FMR) for the metro area, as determined for fiscal year 2026, is pegged at $980. This figure represents the government's benchmark for affordable rental housing under the Section 8 program. However, the actual market rent, as measured by the Zillow Observed Rental Index (ZORI), is significantly lower at $763. This discrepancy highlights an opportunity for landlords and investors who can offer quality rentals below the FMR but above the current market rate, thereby attracting tenants who qualify for Section 8 vouchers.
Given the context, ZIP 82240 would be well-suited for a hands-off voucher operator. The relatively low market rents indicate that there is already a segment of the population that can afford the going rates without assistance, while the higher FMR suggests a viable pool of tenants eligible for Section 8 subsidies. For those interested in a hands-on approach, there is potential for value-add strategies, such as improving property conditions to command closer to the FMR without excluding Section 8 tenants. Investors should focus on properties that can be upgraded to meet both the financial and living standards of voucher holders, ensuring a steady stream of rental income and compliance with federal guidelines.
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.