Location: Fremont County, WY | Metro: Carbon 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 | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $150,533 | 0.66% | D |
| 3BR | $1,310 | $219,818 | 0.6% | F |
| 4BR | $1,460 | $288,063 | 0.51% | F |
| 5BR | $1,694 | $326,861 | 0.52% | F |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP 82301 (Rawlins, WY) reveals key insights into investment potential. Using the Fair Market Rent (FMR) for a 2BR unit at $960 annually and the market rent at $1,000 (ZORI), we can calculate the gross yield against the median home value of $190,213.
First, consider the FMR scenario. The annualized rent at $960 yields a gross rental income of $960 * 12 = $11,520 per year. Dividing this by the median home value gives us a gross yield of $11,520 / $190,213 = 6.06%. This represents the expected return on investment if the property were rented through Section 8.
Next, examine the market rent scenario. With an annualized rent of $1,000, the gross rental income becomes $1,000 * 12 = $12,000 per year. The gross yield here is $12,000 / $190,213 = 6.31%. This indicates a slightly higher return compared to the FMR scenario.
The 28.6% renter density suggests that there is a moderate demand for rental properties in Rawlins, WY. However, the N/A-day DOM (Days on Market) makes it difficult to assess how quickly properties might be leased. Despite this, the higher gross yield from market rent ($6.31%) compared to the FMR ($6.06%) provides a clearer advantage for investors seeking immediate returns.
Given the data, the market rent scenario is more realistic for most investors. While Section 8 offers stability and a guaranteed tenant, the slightly lower gross yield of 6.06% versus the 6.31% from market rent means that investors would achieve a better financial outcome by renting at market rates. This assumes they can find tenants quickly and manage the property effectively to maintain occupancy.
For those interested in Section 8, the 6.06% gross yield still presents a viable option, especially for those who prefer the security of government-backed tenancy. However, for maximizing returns, the market rent scenario appears to be the superior choice based on the available data.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.