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 | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,320 | $412,278 | 0.32% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 82839 operate based on the Subsidized Average Fair Market Rent (SAFMR) which is set at $1,010 for a two-bedroom apartment for the fiscal year 2026. This figure is slightly below the local market rent, which averages $1,052 according to Census ACS data. Here’s a breakdown of how this impacts landlords:
A Section 8 voucher does not cover the entire rent amount; instead, it covers the difference between the tenant's contribution and the SAFMR. Tenants typically contribute 30% of their adjusted income towards rent. If a tenant’s adjusted income is $800 per month, they would contribute $240 towards rent ($800 x 0.30).
The voucher then pays the remainder up to the SAFMR limit. For example, if the SAFMR is $1,010, and the tenant contributes $240, the voucher will pay $770 ($1,010 - $240). However, if the market rent exceeds the SAFMR, the tenant must make up the difference. In ZIP 82839, where the average market rent is $1,052, the tenant would need to pay an additional $42 per month on top of their $240 contribution, making their total monthly rent payment $282.
Utility allowances also factor into the equation but are separate from the base rent subsidy. These allowances can vary but generally do not affect the calculation of the rental subsidy directly. Landlords should be aware that the SAFMR is the cap for the subsidy in this specific ZIP code, meaning the maximum amount a voucher will cover is $1,010 regardless of the actual market rent.
To summarize, in ZIP 82839, landlords accepting a Section 8 voucher for a two-bedroom unit will receive a reimbursement of up to $1,010. Given the local market rent of $1,052, there is a reimbursement gap of $42 per month. This means landlords must decide whether the slight shortfall is offset by the stability and support provided by the Section 8 program.
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.