Location: Wyoming County, WV | Metro: Wyoming County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
The ZIP code 24716 presents a significant opportunity for landlords focusing on Section 8 tenants. With a total population of 544, nearly 44.2% of residents are renters, indicating a substantial demand for rental properties. The median household income in this area is $25,461, which suggests that many residents rely heavily on financial assistance to afford housing.
While specific market rent figures are not provided, we can infer that typical rents would be relatively low compared to the national average. For context, the Fair Market Rent (FMR) for the ZIP code 24716 in the fiscal year 2026 is set at $870 for the metro area. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their rent, based on the local housing market conditions.
To understand how much of the local income goes toward rent, we can estimate using the FMR. If the typical rent aligns closely with the FMR, then it would consume approximately 34.2% of the median household income. This calculation is derived from dividing the FMR ($870) by the median household income ($25,461), and multiplying by 100 to get a percentage. This high percentage underscores the necessity for rental subsidies like Section 8 vouchers in this community.
In comparison to the FMR, landlords in ZIP 24716 should anticipate that their tenants will likely be heavily reliant on government assistance. The FMR serves as a benchmark for affordability, and given the income levels, it's reasonable to conclude that many tenants would struggle to cover rent without such support.
The tenant profile expected in this ZIP code would predominantly consist of low-income families who qualify for Section 8 vouchers. These tenants would require their rents to be subsidized to remain within the affordable range dictated by their income. Landlords must ensure they comply with HUD regulations and prepare for the administrative tasks associated with managing Section 8 properties. Despite these considerations, the high percentage of renters and the alignment of typical rents with the FMR indicate a robust demand for subsidized housing in ZIP 24716.
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.