Location: Sublette County, WY | Metro: Sublette County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The ZIP code 83115 presents several challenges for landlords considering participation in the Section 8 program. First, tenant turnover is a significant concern due to the discrepancy between the market rent and the $1,020 Fair Market Rent (FMR) for FY 2026, which is based on the metro area. This gap can lead to higher turnover rates as tenants seek homes that fit their budget better, thereby increasing the operational costs associated with finding and screening new tenants.
Vacancy exposure is another critical issue. With an unknown number of days on the market (DOM), landlords face uncertainty regarding how long it might take to fill vacancies. The longer a property remains vacant, the greater the financial strain, as landlords miss out on rental income while still being responsible for property taxes, insurance, and maintenance costs.
Deferred maintenance poses a substantial risk in ZIP 83115, where the typical home value is $519,620. Given the lack of median income data, it's challenging to assess the ability of residents to afford maintenance costs, potentially leading to higher repair and renovation expenses for landlords. These costs can be particularly burdensome when dealing with properties rented through the Section 8 program, as the rental rate is fixed and does not adjust for increased maintenance needs.
Despite these risks, the 0.0% renter share in ZIP 83115 suggests a unique situation. High renter density typically correlates with higher demand for housing vouchers, but the absence of renters implies a different dynamic. Landlords here may find fewer applicants using Section 8 vouchers, which could reduce competition and streamline the application process. However, this also indicates a smaller pool of potential tenants overall, which could exacerbate the issues of vacancy and turnover if there are limited options for finding suitable tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.