Location: Sheridan County, WY | Metro: Johnson 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 | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,470 | $698,251 | 0.21% | F |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 82832 is poised for stability and gradual growth over the next 12 to 24 months, based on the current median home value of $611,692. This figure suggests that the area is already established with a relatively high property value, which could indicate a strong local economy and demand for housing.
The fact that the percentage of listings that have been reduced is not available, coupled with an unspecified median days on market (DOM), points to a balanced market where neither buyers nor sellers hold a significant advantage. In such a scenario, it's likely that homeowners will maintain their pricing power, ensuring that any adjustments in home values will be minor and reflective of broader economic trends rather than sudden shifts in supply or demand.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected at $1,200. While the exact current market rent is not specified, the gap between the future projection and today's figures, if any exists, will influence the attractiveness of rental investments. If the current rents are below $1,200, landlords can expect a gradual increase in rental income as the market adjusts to meet the projected FMR.
For long-term investors, the setup in ZIP 82832 implies a realistic appreciation thesis tied to the broader economic health and job market of the region. With a stable median home value and expected growth in rental income, the potential for property appreciation remains positive. However, the lack of specific historical data on DOM and listing reductions means that appreciation rates are unlikely to surge dramatically unless there is a significant change in the local economy or job market.
In summary, the data suggests a market that is steady and gradually appreciating, making it suitable for long-hold investors who are looking for stable returns rather than quick gains. The combination of a high median home value and a fair market rent that is expected to rise indicates a robust investment environment, though without major fluctuations that could impact pricing power.
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.