Section 8 Fair Market Rent (FMR) for ZIP 82844 - 2027
Location: Sheridan County, WY | Metro: Sheridan County, WY
FY 2027 Fair Market Rent Rates
| 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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$N/A
To determine if you should buy in ZIP code 82844 for Section 8 investment, follow these steps:
- Does the Fair Market Rent (FMR) of $1,050 cover the debt service on a property?
- Yes: If the FMR can comfortably cover your mortgage payments, insurance, and other fixed costs, then the investment is financially viable.
- No: If the FMR does not cover your debt service, investing in this area would be risky and likely unprofitable.
- Is the market rent above, at, or below the FMR?
- Above: If market rents exceed the FMR, you might consider renting to non-Section 8 tenants to maximize income. However, be aware that this could reduce demand as fewer tenants qualify for assistance.
- At: Market rents matching the FMR indicate that the majority of tenants can afford the rent with assistance. This scenario is ideal for Section 8 investments.
- Below: If market rents are below the FMR, it suggests an oversupply of rental properties or low demand. This could lead to vacancies or difficulty finding tenants willing to pay the FMR.
- Are there sufficient renters and days on the market (DOM) to ensure demand?
- 100.0% renters: This high percentage indicates strong demand for rentals. However, you must also consider the DOM to gauge how quickly units are being filled.
- N/A-day DOM: If the DOM is low, units are filling quickly, which is positive. High DOM values suggest slower demand and longer vacancy periods.
If the FMR covers debt service and market rents are at or above the FMR, with a high percentage of renters and low DOM, then the answer is yes: you should consider buying in ZIP 82844 for Section 8 investment. Conversely, if any of these conditions are not met, the answer is no. It's crucial to evaluate all factors together to make a sound investment decision.
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.