Location: McDowell County, WV | Metro: Tazewell County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
U.S. Census Bureau data (2024)
The ZIP code 24604 presents a unique set of challenges and opportunities for landlords and small-portfolio investors. With a median income of $26,733, households in this area face significant constraints when it comes to housing affordability. The market rate for rentals is currently listed as N/A, which suggests limited data on typical rental prices in this specific ZIP. However, we can infer some insights based on the available information.
Comparatively, the Fair Market Rent (FMR) payment standard for a Section 8 voucher in this metro area for fiscal year 2026 is set at $910. This figure represents the maximum amount that a voucher will cover, which is a critical point for both renters and landlords. Given the median income, it is evident that the majority of residents would heavily rely on government assistance such as Section 8 vouchers to find affordable housing.
With a total population of 230 and an indicated 0.0% of renters, the data points towards a predominantly owner-occupied community. This low percentage of renters could imply fierce competition among landlords, as there are fewer tenants to serve. In such a scenario, landlords who accept Section 8 vouchers might find themselves with a more stable tenant base, given the financial limitations of potential renters.
The affordability gap in ZIP 24604 is stark, with median incomes significantly lower than what would typically be required to afford market-rate rents. For landlords considering their strategy, accepting Section 8 vouchers ensures a steady stream of income, albeit at a fixed rate. While cash-paying tenants might offer higher rents, the scarcity of these individuals means that landlords should prepare for longer vacancy periods or consider offering incentives to attract them.
Takeaway: Landlords in ZIP 24604 must weigh the benefits of accepting Section 8 vouchers against the potential for securing higher rents from cash-paying tenants. Given the limited number of renters and the financial realities of the area, prioritizing voucher acceptance could be a prudent approach to ensure consistent occupancy and income stability.
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.