HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Sheridan County, Wyoming (FY 2027)
$1,168 a month. That's HUD's FY 2027 Fair Market Rent for a two-bedroom in Sheridan County, and it's the baseline every voucher in Sheridan is measured against.
Two-bedroom FMR
$1,168
+3.5% from FY 2026
Payment standard
$1,051–$1,285
90% to 110% of the FMR, two-bedroom
Income to afford
$46,720
a year, with rent at 30% of income
Rank in Wyoming
4th of 23
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $887 | $798–$976 | $35,480 | $17.06/hr | +3.7% |
| 1 bedroom | $893 | $804–$982 | $35,720 | $17.17/hr | +3.8% |
| 2 bedroom | $1,168 | $1,051–$1,285 | $46,720 | $22.46/hr | +3.5% |
| 3 bedroom | $1,392 | $1,253–$1,531 | $55,680 | $26.77/hr | +2.8% |
| 4 bedroom | $1,952 | $1,757–$2,147 | $78,080 | $37.54/hr | +3.2% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,245 | $2,021–$2,470 |
| 6 bedroom Estimate | $2,538 | $2,284–$2,792 |
| 7 bedroom Estimate | $2,830 | $2,547–$3,113 |
| 8 bedroom Estimate | $3,123 | $2,811–$3,435 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Sheridan actually rent for?
Search any address in Sheridan for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Sheridan somewhere between $1,051 and $1,285. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,168 a month is affordable, by HUD's 30% rule, on an income of roughly $46,720 a year. Put another way, $22 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,051 | Voucher pays at 100%$1,168 | Voucher pays at 110%$1,285 |
|---|---|---|---|---|
| $2,500 | $750 | $301 | $418 | $535 |
| $4,000 | $1,200 | $0 | $0 | $85 |
Rate history
The two-bedroom rate went up 3% from FY 2026 ($1,129) to FY 2027 ($1,168). Since FY 2020 it's up 34% in total, about 4.3% a year. The Wyoming median moved up 4% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $651 | $703 | $871 | $1,101 | $1,529 | — |
| FY 2021 | $675 | $689 | $866 | $1,132 | $1,499 | -0.6% |
| FY 2022 | $703 | $707 | $893 | $1,130 | $1,528 | +3.1% |
| FY 2023 | $736 | $762 | $963 | $1,217 | $1,602 | +7.8% |
| FY 2024 | $875 | $876 | $1,145 | $1,384 | $1,802 | +18.9% |
| FY 2025 | $831 | $836 | $1,097 | $1,322 | $1,712 | -4.2% |
| FY 2026 | $855 | $860 | $1,129 | $1,354 | $1,891 | +2.9% |
| FY 2027In effect | $887 | $893 | $1,168 | $1,392 | $1,952 | +3.5% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Sheridan, that runs from $887 for a studio up to $1,952 for four bedrooms, all five rates in the table above.
Because Sheridan sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Sheridan included.
Among Wyoming's 23 counties, Sheridan ranks 4th for two-bedroom FMR. That's about 15% above the state median of $1,016 and about 10% above the national median county at $1,063. About 32,055 people live here, 7th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,020 in 82836 (Dayton) and $1,380 in 82835 (Clearmont), with the 12 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 82801 | Sheridan | $1,160 | -0.7% |
| 82831 | Arvada | $1,190 | +1.9% |
| 82832 | Banner | $1,230 | +5.3% |
| 82833 | Big Horn | $1,170 | +0.2% |
| 82835 | Clearmont | $1,380 | +18.2% |
| 82836 | Dayton | $1,020 | -12.7% |
| 82837 | Leiter | $1,380 | +18.2% |
| 82838 | Parkman | $1,090 | -6.7% |
| 82839 | Ranchester | $1,110 | -5.0% |
| 82842 | Story | $1,170 | +0.2% |
| 82844 | Wolf | $1,110 | -5.0% |
| 82845 | Wyarno | $1,230 | +5.3% |
Nearby counties
Two-bedroom FMR, with how each compares to Sheridan.
Johnson County
51 mi · 8,686 people
$1,193
+2%
Washakie County
66 mi · 7,703 people
$999
-14%
Big Horn County
68 mi · 11,828 people
$999
-14%
Campbell County
74 mi · 47,240 people
$1,039
-11%
Hot Springs County
97 mi · 4,620 people
$999
-14%
Park County
115 mi · 30,449 people
$1,016
-13%
Crook County
118 mi · 7,455 people
$999
-14%
Natrona County
123 mi · 79,977 people
$1,045
-11%
Questions people ask
$1,168 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $887 for a studio, $893 for one bedroom, $1,392 for three and $1,952 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Sheridan actually go for?
HUD's number is one input. Search any address in Sheridan for a rent estimate built from nearby comps. Free to start, no card.
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