Location: Mercer County, WV | Metro: Mercer County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 24724, located in Freeman, WV, is a small-sized community with diverse demographics. It currently has a population of 92 residents, a significant increase from 83 five years ago, reflecting a growing but still tight-knit residential area.
The median household income in Freeman, WV is $20,536, which is notably lower than the state average. Despite this, the median home value stands at $63,800, also below the state average. This suggests an affordable housing market where properties are relatively inexpensive compared to the broader region.
Moving into the rent economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $890. However, the median rent for ZIP code 24724 is listed as -$666,666,666, which appears to be an error and should be interpreted as non-applicable (N/A) due to the limited number of rental units. Given the low median income, it is likely that the actual market rent is significantly below the FMR.
Considering the characteristics of this area, it would be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The community is small and economically modest, making it less attractive for active real estate management aimed at increasing property values. Instead, the stable demand for affordable housing and the presence of Section 8 vouchers make it ideal for passive investment strategies.
Investors looking to operate in Freeman, WV should focus on properties that align with the local economic reality, ensuring they cater to the needs of low-income families without overextending their budgets on improvements or renovations.
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.