Location: Park County, WY | Metro: Park 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 | $790 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $860 | $348,605 | 0.25% | F |
| 2BR | $1,130 | $352,336 | 0.32% | F |
| 3BR | $1,540 | $473,888 | 0.32% | F |
| 4BR | $1,890 | $570,992 | 0.33% | F |
| 5BR | $2,192 | $697,274 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 82414, located in Cody, Wyoming, presents a unique set of challenges and opportunities for both renters and landlords. The median income in this area stands at $77,958, which provides a benchmark for assessing the financial capacity of households. When compared to the market rate rental cost of $1,019, it becomes evident that a significant portion of the population may struggle to find affordable housing without assistance.
The Family Monthly Income (FMI) for ZIP 82414 is $4,055, according to HUD guidelines, which is less than half of the median income. This suggests that many households would have difficulty affording market-rate rents even before considering other expenses such as utilities, groceries, and healthcare. The Fair Market Rent (FMR) for the Cody metro area in fiscal year 2026 is set at $1,070, slightly higher than the current market rate. This means that the Housing Choice Voucher program, commonly known as Section 8, will cover up to $1,070 per month for eligible tenants, helping to bridge the affordability gap.
With 26.1% of the 16,582 residents being renters, there is a notable segment of the population seeking housing options. The affordability gap between the median income and market rate rents implies that landlords may face stiff competition when renting out properties at full market value. Many potential tenants might lean towards subsidized housing due to financial constraints, making Section 8 vouchers an attractive option for securing tenants.
Landlords considering their rental strategies should take note of these dynamics. While cash-paying tenants might offer a smoother transaction process, the availability of Section 8 vouchers ensures a steady stream of qualified renters who can afford the rent. By accepting vouchers, landlords can tap into a larger pool of potential tenants, reducing vacancy rates and ensuring consistent income. However, landlords must also be prepared to comply with the regulations and requirements associated with the Section 8 program.
In conclusion, ZIP 82414 presents a scenario where the affordability gap is significant, influencing the competitive landscape for landlords. Accepting Section 8 vouchers can be a strategic move to ensure occupancy and stability in rental income, despite the additional administrative tasks involved. Landlords should weigh the benefits of voucher acceptance against the demands of the local rental market to make informed decisions.
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.