Location: Fremont County, WY | Metro: Fremont County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
The analysis for ZIP code 82524 in Unknown, WY, focuses on the potential for Section 8 properties, specifically two-bedroom units. The Fair Market Rent (FMR) for a two-bedroom unit in the metropolitan area for fiscal year 2026 is set at $960 per month. This figure represents the annualized rental income that a landlord can expect from a Section 8 tenant.
To derive the cap rate, we must first understand the gross yield. Gross yield is calculated as the annual rental income divided by the property's value. However, the median home value for ZIP 82524 is not available, which complicates the direct calculation of the gross yield. Instead, we can infer the gross yield based on the FMR alone.
In the scenario where the median home value is not available, we cannot provide a precise gross yield percentage. However, if we hypothetically assume a median home value and calculate the gross yield, it would be $960 * 12 months / median home value. For instance, if the median home value were $150,000, the gross yield would be approximately 7.68%. This is purely illustrative as actual median home values are required for accurate calculations.
The lack of market rent data means we cannot compare the gross yield of market rents against Section 8 rents. Without this comparison, it's challenging to determine which scenario is more realistic. However, the absence of market rent data suggests that there might be limited competition in the local rental market, making Section 8 an attractive option for landlords.
Additionally, the unknown renter density and days on market (DOM) further obscure the exact viability of Section 8 properties in this ZIP code. Renter density typically indicates how many residents are likely to seek rental housing, while DOM reflects how quickly homes are rented out. These factors are crucial for understanding the demand for rental properties and the speed at which they can be leased.
In conclusion, while we cannot provide a definitive cap rate or gross yield without the median home value and market rent data, the $960 monthly FMR for Section 8 tenants offers a stable and predictable income source. Landlords should consider the local rental dynamics, including the renter density and DOM, when evaluating the attractiveness of Section 8 properties in ZIP 82524.
Data Sources: FMR data from HUD (2027).
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.