Location: Mercer County, WV | Metro: Mercer County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The ZIP code 24715 is primarily a homeowner-dominated area rather than a renter-heavy one. With only 4.2% of the population renting, the demand for housing vouchers is likely to be limited. The median household income stands at $76,875, which is relatively high. However, there is no specific data provided on the market rent for this ZIP code, making it difficult to determine the exact percentage of income that goes towards rent.
To provide context, let's consider the Fair Market Rent (FMR) for the metro area, which is set at $900 for FY 2026. Assuming the market rent in ZIP 24715 is close to the FMR, a typical rent would consume approximately 11.7% of the median household income. This calculation is based on the assumption that the entire median income is used to pay rent, which is not the case in reality. In actuality, rent typically consumes a smaller portion of income after other expenses are accounted for.
A landlord in ZIP 24715 should expect tenants who are likely to have stable employment given the higher median income level. These tenants are more likely to be able to afford market rates without relying heavily on housing vouchers. While some tenants might use Section 8 vouchers, the scarcity of such demand means landlords can focus on attracting those who can pay closer to the market rate. The tenant pool will likely consist of individuals or families who prioritize homeownership but are currently renting due to various reasons, such as saving for a down payment or waiting for the right time to buy.
In conclusion, while ZIP 24715 offers opportunities for landlords, the expectation should be for a stable tenant base that can afford rents near market rates, rather than relying on a large number of Section 8 voucher holders. The area's economic conditions suggest a preference for homeownership over long-term renting, which could influence the type of rental properties that are most sought after.
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.