Location: Sheridan County, WY | Metro: Sheridan County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 82845 is based on the discrepancy between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $1,210. However, the market rent figure is currently unavailable, which makes it challenging to provide a precise percentage gap. Despite this lack of data, we can still analyze the situation under the assumption that the market rent might be higher or lower than the FMR.
If the market rent were higher than the FMR, landlords would be receiving less from Section 8 vouchers than what they could potentially earn from open-market tenants. This scenario would indicate that voucher tenants make this a yield play, where landlords focus on the steady, government-backed income rather than maximizing rental revenue. In such a case, the difference in dollars would represent the opportunity cost of choosing to rent to Section 8 tenants instead of market-rate ones.
Conversely, if the market rent were lower than the FMR, landlords would be in a favorable position because they would receive $1,210 per month from Section 8 vouchers, which exceeds the typical market rate. This setup would allow landlords to profit more from voucher tenants than from open-market ones, effectively subsidizing their rental properties and providing a buffer against financial instability.
The analysis must also consider the broader context of ZIP 82845. With 0.0% of residents identified as renters, it suggests that homeownership is prevalent in the area. The median home value and median income figures are also not available, but typically these would help us understand the economic landscape and the affordability of housing for potential tenants. Without these specifics, landlords should still be aware of the potential benefits and drawbacks of participating in the Section 8 program, especially given the guaranteed rent payments and the stability they offer.
In summary, the key point for landlords and small-portfolio investors is the $1,210 FMR benchmark. Whether this represents an above-market rate subsidy or a below-market rate yield play depends on the actual market conditions. Given the high proportion of homeowners, the decision to accept Section 8 vouchers should be carefully weighed against the local demand for rental units and the overall financial health of the property portfolio.
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.