Location: Campbell County, WY | Metro: Campbell County, WY
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 | $860 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $274,071 | 0.4% | F |
| 3BR | $1,500 | $334,123 | 0.45% | F |
| 4BR | $1,840 | $407,536 | 0.45% | F |
| 5BR | $2,134 | $509,636 | 0.42% | F |
U.S. Census Bureau data (2024)
Gillette, WY, located in ZIP code 82718, is a community with a total population of 26,619 individuals. Renters make up 21.3% of the local housing market, indicating a primarily owner-occupied environment. The median household income in this area stands at $104,458, reflecting a relatively affluent community. Median home values are also high, sitting at $361,109, which suggests a strong local economy and a preference for homeownership.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 82718, as determined by HUD for the fiscal year 2026, is set at $1,080. This figure represents the benchmark used for determining eligibility and payment standards for Section 8 vouchers. In contrast, the actual market rent, measured by Zillow's ZORI index, is $1,225. This indicates that there is a slight premium in the market over the subsidized rates, suggesting a modest opportunity for landlords who can manage their properties efficiently.
The discrepancy between the FMR and the market rent implies that Gillette, WY, might be more suitable for a hands-on value-add buyer rather than a hands-off operator. While the gap isn't large enough to necessitate significant management intervention, it does suggest that landlords who can improve property quality or offer additional amenities may find themselves in a better position to attract tenants willing to pay closer to market rates. For those looking to operate purely on a hands-off basis, the current economic landscape in ZIP 82718 presents a less compelling case due to the relatively narrow margin between FMR and market rents.
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.