Section 8 Fair Market Rent (FMR) for ZIP 24712 - 2027

Location: Mercer County, WV | Metro: Mercer County, WV

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$820
2 Bedrooms	$1,040
3 Bedrooms	$1,370
4 Bedrooms	$1,470
5 Bedrooms	$1,705
6 Bedrooms	$1,910
7 Bedrooms	$2,063
8 Bedrooms	$2,166

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,913

Median Household Income

$80,625

Housing Units

972

Renter Percentage

12.5%

Occupancy Rate

74.0%

Renter Occupied

Housing Authorities Serving ZIP 24712

Housing Authority of the City of Bluefield (Bluefield, WV) - 400 Section 8 vouchers

To determine if a landlord should invest in ZIP code 24712 (Lerona, WV) for Section 8 properties, follow this decision tree:

Step 1: Can the Fair Market Rent (FMR) of $950 cover the debt service on a property valued at $196,858?

No: If the FMR cannot cover the debt service, investing in Lerona, WV is not advisable. The average monthly debt service for a $196,858 property would likely exceed $950, making it financially unfeasible to rely solely on Section 8 tenants.
Yes: Proceed to Step 2.

Step 2: How does the market rent of $975 compare to the FMR?

Above FMR: The market rent being higher than the FMR suggests that landlords could potentially earn more by renting to non-Section 8 tenants. This would mean that relying on Section 8 tenants might result in lower income compared to what the market can offer.
At or Below FMR: Proceed to Step 3.

Step 3: Is there sufficient demand with 12.5% of residents being renters and an unspecified number of days on the market (DOM)?

It Depends: With 12.5% of residents being renters, there is a limited but present demand for rental properties. However, the lack of data on DOM makes it difficult to assess how quickly properties are rented out. If the DOM is low, indicating quick turnover, then the investment could be worthwhile despite the lower percentage of renters. Conversely, if the DOM is high, it suggests a slower market and less demand, which could make it challenging to find Section 8 tenants promptly.

In summary, if the FMR of $950 can cover the debt service on a $196,858 property and the market rent is at or below this figure, the next consideration is the demand for rental properties. Given the limited data, a landlord must weigh the 12.5% of residents who are renters against the unknown DOM to decide if Lerona, WV is a suitable location for a Section 8 investment.

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.