Section 8 Fair Market Rent (FMR) for ZIP 82633 - 2027

Location: Niobrara County, WY | Metro: Converse County, WY

Investment Score for ZIP 82633

Monthly Rent (2BR)

$1,070

Median Price (2BR)

$254,978

1% Rule

0.42%

Annual Yield

5.04%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$820
2 Bedrooms	$1,070
3 Bedrooms	$1,470
4 Bedrooms	$1,770
5 Bedrooms	$2,053
6 Bedrooms	$2,299
7 Bedrooms	$2,483
8 Bedrooms	$2,607

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$820	$258,914	0.32%	F
2BR	$1,070	$254,978	0.42%	F
3BR	$1,470	$331,179	0.44%	F
4BR	$1,770	$369,694	0.48%	F
5BR	$2,053	$447,755	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

9,317

Median Household Income

$82,412

Housing Units

4,706

Renter Percentage

24.5%

Occupancy Rate

88.4%

Renter Occupied

1,018

A landlord considering investing in ZIP code 82633 (Douglas, WY) for Section 8 properties must follow a decision tree based on the financial metrics and market conditions.

Step 1: The Fair Market Rent (FMR) for ZIP 82633 is set at $990 per month for the fiscal year 2026. To determine if this clears the debt service on a property valued at $308,968, calculate the monthly mortgage payment. Assuming a 30-year fixed-rate mortgage at an average interest rate of 4%, the monthly payment would be approximately $1,488. Therefore, the FMR of $990 does not cover the debt service, leading to a no on purchasing for Section 8 purposes.

If the landlord decides to proceed despite the FMR not covering the debt service, they must evaluate the following steps:

Step 2: Compare the market rent of $868 to the FMR. In this case, the market rent is below the FMR, which means that landlords could potentially receive higher rents from Section 8 tenants compared to market rates. This suggests a positive outlook, but only if the first condition is met.
Step 3: Assess the rental demand. With 24.5% of the population being renters, there is a significant portion of the market that relies on rentals. However, the Days on Market (DOM) is listed as N/A, indicating incomplete data. Without knowing the DOM, it's challenging to gauge how quickly properties can be leased out. Thus, the answer to demand sufficiency is it depends. A lower DOM would support a yes, while a higher DOM might lead to a no.

To summarize, the primary gatekeeping question is whether the FMR can cover the debt service. Since $990 FMR does not clear the $1,488 estimated debt service, the recommendation is a no. Even if a landlord ignores this first step, the lack of complete data on DOM means that demand cannot be conclusively determined, resulting in a cautious it depends.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.