Section 8 Fair Market Rent (FMR) for ZIP 82432 - 2027

Location: Big Horn County, WY | Metro: Big Horn County, WY

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$820
2 Bedrooms	$1,000
3 Bedrooms	$1,320
4 Bedrooms	$1,610
5 Bedrooms	$1,868
6 Bedrooms	$2,092
7 Bedrooms	$2,259
8 Bedrooms	$2,372

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

307

Median Household Income

$44,750

Housing Units

187

Renter Percentage

58.0%

Occupancy Rate

73.8%

Renter Occupied

When considering whether to invest in ZIP code 82432 for Section 8 properties, follow this decision tree:

Step 1: Clear Debt Service

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960. For a property valued at $388,429, determine if this FMR can cover the debt service. If the debt service is less than or equal to $960 per month, then the answer is yes; otherwise, it is no.

Step 2: Market Rent Comparison

The Census ACS reports that the average market rent for ZIP 82432 is $1,096. Compare this figure to the FMR of $960. If the market rent is higher, it indicates a positive trend where tenants might be willing to pay more, making the investment more attractive. If the market rent is lower or equal to the FMR, it suggests a saturated market or one where Section 8 rents might be close to market rates, which could limit the attractiveness of the investment.

Step 3: Rental Demand Analysis

In ZIP 82432, 58.0% of residents are renters. This percentage shows a significant portion of the population relying on rental housing, indicating potential demand. However, the Days on Market (DOM) is listed as N/A, which means there isn't enough data to assess how quickly rental properties are being filled. Without this information, the demand analysis relies solely on the percentage of renters. Given the high percentage of renters, the answer leans towards yes, but the lack of DOM data introduces uncertainty.

Decision Tree Outcome

If the FMR of $960 covers the debt service on a $388,429 property and the market rent of $1,096 is above the FMR, then the investment is favorable. The strong rental market presence (58.0% of residents) further supports this decision.
If the FMR does not cover the debt service, the answer is no regardless of other factors.
If the market rent is at or below the FMR, it depends on the specific financial situation and risk tolerance of the investor, as well as the rental demand stability implied by the 58.0% of residents being renters.

Note that without specific debt service costs and DOM data, the final recommendation is contingent upon these missing pieces of information. Investors should seek out detailed local market conditions and their own financial projections to make an informed decision.

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.