Location: Big Horn County, WY | Metro: Big Horn County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 82420 presents a unique challenge for both tenants and landlords. Given the median income of $77,679, households have a solid financial foundation, but the question remains whether this income can cover the market rate rents. Unfortunately, the market rate for 82420 is listed as N/A, which suggests limited data on current rental prices in the area.
In comparison, the federally determined Fair Market Rent (FMR) for the metro area in fiscal year 2026 stands at $1,010. This figure represents the maximum amount that housing authorities will pay for a Section 8 voucher. While this standard is designed to reflect reasonable rental costs, it may not fully capture the actual market conditions in 82420 due to the lack of specific market rate data.
The ZIP code has a relatively low percentage of renters at 17.0%, indicating that most residents in the area own their homes. The total population of 822 suggests a tight-knit community where landlords must compete for the limited number of rental properties. This competition can drive up rents, potentially widening the affordability gap between what renters can afford and what landlords charge.
For landlords considering their strategy, focusing on Section 8 vouchers could be a viable option given the federal standard of $1,010. However, it's important to note that voucher holders might face additional challenges in securing a rental property due to the limited number of units available and the stringent requirements some landlords impose. Landlords who choose to accept cash-paying tenants may benefit from higher rents, but they should be prepared to offer competitive pricing to attract and retain tenants in a market where income levels suggest a willingness to pay more.
The takeaway for landlords is that while there is a defined standard for voucher payments, the actual market dynamics in 82420 may require flexibility. Accepting vouchers ensures a steady stream of income guaranteed by the government, whereas catering to cash-paying tenants might command higher rents but also necessitates meeting the expectations of a discerning market. Understanding the local rental trends and tenant preferences will be key to making informed decisions.
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.