Location: Carbon County, WY | Metro: Casper, WY MSA
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 | $870 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $930 | $209,331 | 0.44% | F |
| 2BR | $1,210 | $245,313 | 0.49% | F |
| 3BR | $1,680 | $321,576 | 0.52% | F |
| 4BR | $2,020 | $380,765 | 0.53% | F |
| 5BR | $2,343 | $475,190 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 82604 in Casper, WY, presents an interesting balance between yield and stability for real-estate investors considering Section 8 properties. The Fair Market Rent (FMR) for ZIP 82604 in fiscal year 2024 is set at $1,300 for a one-bedroom unit, which is notably lower than the market rent of $1,432. This discrepancy suggests that while the FMR provides a solid base, there is potential for higher returns if market conditions permit.
However, the median home value of $317,963 is relatively high compared to the average annual income of $79,118. This indicates that the local economy might struggle to support housing costs at the market level, especially for low-income tenants who are often the target demographic for Section 8 properties. Thus, relying solely on market rents could be risky.
The rental market stability is influenced by several factors. First, the percentage of renters at 16.7% is modest, suggesting that a significant portion of the population owns their homes. This could limit the pool of potential tenants for rental properties. Second, the days on market (DOM) figure of 25 days is quite favorable, indicating that rental units are generally occupied quickly once listed, which is beneficial for maintaining steady cash flow.
Based on these metrics, ZIP 82604 leans towards being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The key driver of this classification is the combination of a reasonable FMR ($1,300), a relatively quick turnaround time for rentals (25 DOM), and a modest but stable percentage of renters (16.7%). While the market rent ($1,432) is higher, the median home value and income levels suggest that tenants may find it challenging to afford market rates, making the FMR a safer bet for consistent income.
To summarize, investors should expect moderate yields driven by the FMR rather than market rent, with a stable demand for rental units due to the quick occupancy rate. This environment supports long-term investment strategies focused on steady cash flow rather than short-term, high-risk, high-reward flips.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.