Location: McDowell County, WV | Metro: Buchanan County, VA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $68,413 | 2.18% | A+ |
U.S. Census Bureau data (2024)
The ZIP code 24622 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover is a significant concern, especially when comparing the market rent to the Fair Market Rent (FMR) of $1,030 set for the fiscal year 2026. The lack of data on market rent makes it difficult to assess whether properties will attract tenants willing to pay the FMR, potentially leading to higher turnover rates.
Vacancy exposure is another risk factor. With no data available on the days on market (DOM), it's unclear how quickly properties can be rented out, which could lead to extended periods without rental income. This uncertainty is compounded by the typical home value of $55,692 and a median income of $32,049, suggesting that many residents may struggle to afford even the FMR, increasing the likelihood of deferred maintenance due to financial constraints.
However, these risks must be weighed against the substantial 19.5% share of renters in the area. High renter density often translates into a greater demand for housing vouchers, which can stabilize occupancy rates and reduce the risk of vacancies. Additionally, the presence of a large number of renters can provide a steady pool of potential tenants who qualify for Section 8 assistance, ensuring a consistent flow of applications and minimizing the impact of any single tenant's departure.
In conclusion, despite the potential issues with tenant turnover, vacancy exposure, and deferred maintenance, the high renter density in ZIP 24622 creates a favorable environment for Section 8 participation. The overall risk for a first-time Section 8 landlord in this area is moderate.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.