Location: Weston County, WY | Metro: Custer County, SD HUD Metro FMR Area
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 | $820 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $175,423 | 0.61% | D |
| 3BR | $1,480 | $272,258 | 0.54% | F |
| 4BR | $1,780 | $316,358 | 0.56% | F |
U.S. Census Bureau data (2024)
In Newcastle, Wyoming (ZIP 82701), the real estate landscape is currently characterized by a median home value of $243,441. This figure, combined with the observation that only 0.2% of listings have reduced their prices, suggests a market where sellers maintain significant pricing power. The minimal reduction in listing prices indicates that demand remains steady, and buyers are willing to meet the asking price without substantial negotiation.
The median Days on Market (DOM) being listed as N/A can be interpreted as a very tight market where homes sell quickly, often before a DOM figure can be meaningfully calculated. Rapid sales imply strong buyer interest and a competitive environment, which further supports the notion of robust pricing power for the next 12-24 months.
On the rental side, the Forward Monthly Rent (FMR) for ZIP 82701 is projected at $1,160 for fiscal year 2024, while the current market rate stands at $758 according to the Census ACS. This gap signals an opportunity for landlords and small-portfolio investors to potentially increase rents, aligning more closely with the FMR. The discrepancy between FMR and actual market rates could be due to various factors, including supply-demand imbalances or recent economic shifts affecting local affordability.
For long-hold investors, the setup in Newcastle implies a realistic appreciation thesis. With the median home value holding steady and minimal price reductions among listings, there is a foundation for continued value retention. As the rental market shows potential for growth, driven by the widening gap between FMR and current market rates, this can also support property values through increased demand for homeownership, especially if renters seek to capitalize on the relatively low home prices compared to rental costs.
However, it's important to note that the appreciation thesis is contingent upon broader economic conditions remaining stable and job markets continuing to support housing demand. In this context, the rapid sale times and steady home values suggest that Newcastle's real estate market is poised for stability, with potential for gradual growth aligned with the rental market trends.
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.