Location: Casper, WY | Metro: Casper, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
The Fair Market Rent (FMR) for ZIP code 82630 in fiscal year 2024 is set at $1070. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, the Housing Authority will pay up to $1070 per month toward your tenant's rent. However, this does not equate to the actual rent you can charge; it is the maximum subsidy amount.
To understand the potential demand for Section 8 rentals in 82630, consider the N/A% of residents who are renters. While the exact percentage is not available, it indicates the proportion of people who might be looking for housing assistance. With a high percentage of renters, there is likely a significant demand for affordable housing options.
The median home value in 82630 is listed as N/A. This can help you gauge the typical acquisition cost for properties in the area. If you're purchasing a property to use as a rental, you should ensure that the price aligns with the expected rental income and the costs associated with maintaining the property.
A key point to verify before committing to a Section 8 rental property is the condition of the unit. The Housing Choice Voucher Program requires that all units meet certain quality standards known as the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary. You must have your property inspected and approved under these standards before you can accept a Section 8 tenant. This inspection is crucial as it determines whether the property qualifies for the program and can affect your ability to receive the full subsidy amount.
In summary, the FMR of $1070 sets the upper limit on the subsidy you can receive. Demand for Section 8 rentals is influenced by the local renter population, and understanding the typical property values helps in assessing the investment. But above all, make sure your property meets the HQS requirements to avoid any issues down the line.
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.