Location: Casper, WY | Metro: Casper, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
When considering whether to invest in ZIP code 82644 for Section 8 properties, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $950 cover debt service on a property?
If the FMR of $950 does not cover the debt service on a property, then the answer is No. Landlords must ensure that the rental income can meet the mortgage payments, insurance, taxes, and maintenance costs.
2) Is the market rent of $1,033 above, at, or below the FMR?
The market rent of $1,033 is above the FMR of $950. This indicates that landlords could potentially charge more than the FMR if they are not participating in the Section 8 program. However, for Section 8 investments, the key figure is the FMR.
3) Are 26.1% of residents renters and is the number of days on the market (DOM) sufficient to indicate demand?
ZIP 82644 has 26.1% of residents who are renters. The data does not provide the DOM percentage, so we cannot determine if there is enough demand based solely on this information. However, the renter population suggests there is some demand for rental housing.
If you are still unsure about the investment, consider these branches:
If the FMR of $950 covers your debt service:
Yes, proceed with caution. The FMR is sufficient to cover your expenses, and the market rent being higher indicates potential flexibility in pricing for non-Section 8 tenants.
If the market rent is significantly higher than the FMR:
It depends. While the higher market rent might suggest strong demand, the FMR is the ceiling for Section 8 rents. Consider the local housing market and the availability of Section 8 vouchers.
If the renter population is high but the DOM is also high:
No. A high DOM suggests low demand, despite the percentage of renters being relatively high. High DOM means listings stay on the market longer, indicating difficulty in finding tenants.
If the DOM is low and the renter population is high:
Yes. Low DOM alongside a high renter population indicates strong demand for rental properties, which is beneficial for both Section 8 and market-rate rentals.
Note: The absence of DOM data makes it challenging to fully assess demand. For a complete analysis, obtain the DOM percentage for ZIP 82644.
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.