Location: Sheridan County, WY | Metro: Sheridan County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
1120 residents in ZIP code 82833 can expect the Fair Market Rent (FMR) for a two-bedroom apartment to be $1,120 in the fiscal year 2026, according to HUD's latest guidelines. 654597 represents the median home value in this area, which is significantly higher than the average rent, indicating a strong homeownership preference among locals. 00 percent of the population are renters, reflecting a low demand for rental properties and suggesting a focus on homeownership-oriented investments might yield better returns. Despite the lack of data for market rent, median income, days on market (DOM), and the percentage of homes with price cuts, the low renter share clearly points towards a less favorable environment for traditional rental properties. The absence of specific figures for market rent and median income makes it challenging to provide a precise comparison between the cost of living and earning potential, but the high median home value implies a stable economy capable of supporting property values. Without detailed information on DOM and price-cut shares, we cannot assess the liquidity or competitiveness of the local real estate market. However, the strong homeownership trend suggests that any rental properties would need to offer significant advantages over owning to attract tenants. In conclusion, for ZIP code 82833, the Section 8 program, given the limited rental market and the high FMR compared to the median home value, is likely to be less beneficial for landlords and small-portfolio investors. The verdict on Section 8 in this area is a cautious pass.
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.