Location: Sheridan County, WY | Metro: Sheridan 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 | $880 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $890 | $254,581 | 0.35% | F |
| 2BR | $1,160 | $322,999 | 0.36% | F |
| 3BR | $1,380 | $443,454 | 0.31% | F |
| 4BR | $1,940 | $558,602 | 0.35% | F |
| 5BR | $2,250 | $709,614 | 0.32% | F |
U.S. Census Bureau data (2024)
The ZIP code 82801, located in Sheridan, WY, stands out within the Sheridan County, WY metro area based on several key metrics: Fair Market Rent (FMR), market rent, home value, and renter share. The FMR for ZIP 82801 is set at $1,120 for fiscal year 2026, which is notably lower than the market rent of $1,590. This discrepancy indicates that the ZIP code offers a significant discount for landlords participating in the Section 8 program, making it potentially attractive for those seeking to maximize their rental income while still serving low-income tenants.
The median home value in ZIP 82801 is listed at $427,235. This figure is likely indicative of the overall property values in the area, suggesting that the neighborhood is neither at the bottom nor the top tier when compared to other ZIP codes within Sheridan County. However, given the lower FMR, properties in this ZIP might be seen as offering better value for landlords who can leverage the difference between the FMR and market rent to increase profitability.
A critical point of interest is the 31.4% renter share in ZIP 82801. This percentage is higher than what might be considered average for the county, pointing towards a substantial portion of the population relying on rental housing. In conjunction with the below-market home values and lower FMR, this suggests that ZIP 82801 could indeed be a sweet spot for Section 8 landlords and small-portfolio investors looking for areas with a higher concentration of potential tenants who qualify for the program.
To further contextualize, if we assume that the typical Sheridan County ZIP has a higher FMR closer to the market rent and a lower renter share, then ZIP 82801 would represent a value pocket within the metro area. Landlords here can benefit from a larger pool of eligible tenants and the ability to charge market rents while receiving government subsidies at a lower rate, thereby increasing their net income.
In summary, ZIP 82801 appears to offer a unique opportunity for landlords interested in the Section 8 program due to its combination of a lower FMR, a higher renter share, and reasonable home values. These factors collectively make it a promising investment area within Sheridan County, WY.
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.