Location: Teton County, WY | Metro: Teton County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,330 |
| 4 Bedrooms | $2,780 |
| 5 Bedrooms | $3,225 |
| 6 Bedrooms | $3,612 |
| 7 Bedrooms | $3,901 |
| 8 Bedrooms | $4,096 |
A skeptical investor analyzing ZIP code 83002 in Unknown, WY, would likely raise several key concerns regarding the feasibility of investing in the area through the Section 8 program. These objections revolve around the financial viability, tenant demand, and the adequacy of voucher payments to cover market rents.
The first objection is whether the Fair Market Rent (FMR) of $1,650 for the metro area in fiscal year 2026 will sufficiently cover the mortgage on a property in this ZIP code. Unfortunately, the data provided does not specify the average home price or typical mortgage amounts for 83002, making it impossible to definitively answer this question based solely on the given information. However, investors should consider local real estate trends and consult with a mortgage advisor to determine if the FMR can indeed support the mortgage payment on a property in this area.
The second concern is whether there is sufficient renter demand at the percentage specified by the FMR. The data indicates that the FMR represents a N/A% of the total rental market, which suggests an incomplete picture. To fully assess the demand, investors must look beyond the FMR percentage and consider other factors such as the unemployment rate, population growth, and the number of available rental units in 83002. If these metrics suggest a stable or growing tenant base, the likelihood of finding renters willing to pay the FMR increases.
The final objection pertains to the ability of Section 8 vouchers to keep pace with the local market rents. While the FMR is set at $1,650, the data provided does not include specific details about how well voucher payments align with this figure. Historically, voucher payments have lagged behind market rents, but this varies significantly by location. Investors should research the local housing authority's payment standards and trends over time to gauge the likelihood that voucher payments will cover the costs associated with renting out a property at the FMR.
In summary, while the data provides some insight into the potential challenges of investing in ZIP 83002 under the Section 8 program, it falls short in addressing all aspects comprehensively. Investors should seek additional local market data to make informed decisions about the financial viability, tenant demand, and adequacy of voucher payments in this specific ZIP code.
Data Sources: FMR data from HUD (2027).
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.