Section 8 Fair Market Rent (FMR) for ZIP 82635 - 2027

Location: Casper, WY | Metro: Casper, WY MSA

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$34,886

Housing Units

Renter Percentage

55.7%

Occupancy Rate

64.2%

Renter Occupied

The economics of Section 8 in ZIP code 82635 are straightforward. The SAFMR (Standard Amount for Fair Market Rent) for a two-bedroom apartment in this specific ZIP is set at $1030 per month for the fiscal year 2024. However, the local market rent for a similar unit, according to the Census ACS, averages at $518 per month.

A landlord might wonder what exactly a voucher pays. Here's the breakdown:

Tenant Portion: Tenants typically contribute 30% of their adjusted income towards rent. If we assume an average adjusted income of $1500, the tenant would pay $450 towards rent.
Voucher Reimbursement: The housing authority will cover the difference between the tenant's contribution and the SAFMR, up to the maximum limit. In this case, the reimbursement would be $1030 - $450 = $580.
Utility Allowances: These are additional payments made directly to the tenant to help cover utilities. Utility allowances vary but can add around $100-$200 per month, depending on the specific circumstances and the housing authority's policies.

When you factor in the tenant's portion and any utility allowances, the total payment a landlord receives can be slightly above the local market rent. For instance, if the utility allowance is $150, the total monthly reimbursement would be $580 (voucher) + $150 (utility allowance) = $730. This is significantly higher than the average local market rent of $518.

In ZIP 82635, landlords participating in the Section 8 program for a two-bedroom apartment will receive a surplus of approximately $212 per month over the local market rent. This surplus compensates for the administrative overheads and ensures a steady income stream despite the lower local market rates. It's important to note that while the SAFMR sets the maximum amount that can be reimbursed, the actual reimbursement is based on the lower of the SAFMR or the rent of a comparable unit in the area, which in this case is well below the SAFMR.

Data Sources: FMR data from HUD (2027). 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.