Fair Market Rents by apartment size
| Size | FY2026 FMR | Income needed (30% rule) | Hourly, full time |
|---|---|---|---|
| Studio | $809/mo | $32,360/yr | $15.56 |
| 1 bedroom | $917/mo | $36,680/yr | $17.63 |
| 2 bedrooms | $1,174/mo | $46,960/yr | $22.58 |
| 3 bedrooms | $1,633/mo | $65,320/yr | $31.40 |
| 4 bedrooms | $1,969/mo | $78,760/yr | $37.87 |
Fair Market Rents are HUD's estimate of the 40th percentile of gross rent (rent plus essential utilities) for standard-quality units in Cheyenne, WY MSA. About 40% of comparable rentals cost less and 60% cost more, so treat these as a benchmark rather than a listing price. Income needed assumes rent and utilities take no more than 30% of gross income, the federal cost-burden line; the hourly figure assumes 2,080 working hours a year.
Rent vs wages
To afford the 2-bedroom Fair Market Rent here with 30% of a full-time income, you would need to earn about $22.58 an hour. At the state minimum wage of $7.25, that is about 125 hours of work a week. See how every metro compares.
What this means for renters
If you have a Housing Choice Voucher, your local housing authority sets its payment standards based on these FMRs; ask your agency for its exact figures. If you are budgeting a move, compare these numbers with real listings: newer or better-located units usually rent above the FMR.
Areas with similar rents nearby
Frequently asked questions
What is the fair market rent in Cheyenne, WY?
HUD's FY2026 Fair Market Rents for Cheyenne, WY MSA are $809 for studio, $917 for 1 bedroom, $1,174 for 2 bedrooms, $1,633 for 3 bedrooms, $1,969 for 4 bedrooms.
How much do I need to earn to rent a 2-bedroom in Cheyenne, WY?
At the Fair Market Rent of $1,174, keeping rent within 30% of gross income (the federal cost-burden line) takes about $46,960 a year, or $3,913 a month.
Source: HUD Fair Market Rents, FY2026 schedule (effective October 1, 2025), area code METRO16940M16940. HUD has since published FY2027 FMRs; check HUD for the newest figures. Our data.