Location: Casper, 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 | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $252,982 | 0.43% | F |
| 3BR | $1,510 | $338,265 | 0.45% | F |
| 4BR | $1,820 | $394,255 | 0.46% | F |
| 5BR | $2,111 | $527,685 | 0.4% | F |
U.S. Census Bureau data (2024)
34.4% of residents in ZIP 82609, Casper, WY, are renters, indicating a significant portion of the population relies on rental housing. This statistic aligns well with the $1,345 ZORI, which represents the average market rent, suggesting that the demand for rental properties is robust. However, the $1100 Fair Market Rent (FMR) set for zip FY 2024 highlights a notable gap between what the government deems fair and the actual market rates, leaving landlords with a decision to either accept lower rents or seek non-Section 8 tenants. The median home value stands at $349,331, providing a benchmark for property values in the area. Coupled with the median income of $71,010, it becomes evident that owning a home is financially challenging for many residents, further supporting the need for affordable rental options. Despite this, the 0.2% price-cut share indicates that very few properties are being reduced in price, suggesting that the market remains relatively stable and competitive. The lack of available data on days on market (DOM) might point to efficient local real estate practices, where listings quickly find buyers or renters, although this is speculative without concrete numbers. Given these factors, landlords and small-portfolio investors should carefully consider the balance between market rents and Section 8 payments when evaluating potential investments in Casper, WY. In conclusion, while the disparity between market rents and FMR presents challenges, the strong renter base and stable market conditions make ZIP 82609 a viable option for those willing to navigate the complexities of Section 8 participation.
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.