Location: Sheridan County, WY | Metro: Johnson County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
The ZIP code 82835 represents a unique blend of characteristics that make it an interesting market for real estate investors. With a total population of 362, this area is quite small, yet 53.4% of its residents are renters, indicating a significant demand for rental properties. The median household income stands at $103,750, which is relatively high compared to national averages, suggesting a financially stable community. However, the median home value is notably lower at $598,892, possibly reflecting the limited supply of homes in such a compact area.
Moving into the economic dynamics of renting, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,420. This figure contrasts sharply with the actual market rent, which according to the Census ACS, is approximately $975. This discrepancy presents a potential opportunity for investors, as the FMR is significantly higher than the current market rent, implying that there could be room to increase rents without alienating tenants.
Given these conditions, ZIP 82835 might appeal to both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of Section 8 vouchers can provide a steady stream of income, as the government will cover the rent for eligible tenants up to the FMR. This makes it a low-risk investment, especially considering the high median income that suggests a likelihood of timely rent payments. On the other hand, for value-add buyers, the gap between the FMR and the current market rent offers a chance to improve properties and command higher rents, potentially leading to greater returns on investment.
In summary, ZIP 82835 is a small but economically promising area, with a mix of high incomes and lower home values. The disparity between the FMR and the current market rent presents opportunities for both passive and active investors, making it a worthwhile consideration for those looking to enter or expand their presence in the Section 8 housing market.
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.