Location: Carbon County, WY | Metro: Albany County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $980 for ZIP 82329 can sufficiently cover the mortgage on a typical home in the area. The median home value in ZIP 82329 is $75,300, which suggests that the cost of a typical home here is relatively low. However, without specific mortgage rates and down payment amounts, it's difficult to definitively state if the FMR will cover the mortgage. Generally, lower home values can mean lower mortgage payments.
The next concern could be the adequacy of renter demand, given that only 30.3% of the housing units are rented. This percentage indicates a smaller pool of potential renters compared to areas with higher rental percentages. Nonetheless, the low median home value and presumably lower mortgage costs might offset this concern, making the area attractive to first-time homebuyers who prefer owning over renting.
Another objection might arise regarding whether housing vouchers will keep up with the market rents, which stand at $529. While the voucher amount is lower than the FMR, it's important to note that the actual market rents are also below the FMR. Therefore, while vouchers may not fully cover the FMR, they are likely to be sufficient for the average market rent in ZIP 82329.
In summary, ZIP 82329 presents a scenario where the relatively low home values and market rents might make it feasible for investors to find a balance between covering mortgage costs and attracting tenants. The demand for rentals is moderate, but the economic conditions suggest that this area could still be viable for small-portfolio investors.
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.