Location: Mercer County, WV | Metro: Mercer County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $950 |
| 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 24729 presents a unique challenge for both renters and landlords alike. With a median income of $2,499 per month, households in this area face significant constraints when it comes to housing affordability. The market rate rent is currently listed as N/A, which suggests there may be limited rental properties available or data on rental rates is sparse.
In comparison to the Federal Market Rent (FMR) standard of $900 per month for the metro area in fiscal year 2026, the median income in ZIP 24729 appears quite high. However, the lack of specific market rate figures makes it difficult to accurately assess the affordability gap. If we assume the FMR is indicative of the local rental market, then households have a substantial amount of their income available for housing costs, potentially allowing them to pay above the FMR if necessary.
The ZIP code has an extremely low percentage of renters at 0.0%, indicating that the majority of residents are homeowners. This statistic, combined with a very small population of only 38 people, implies a highly competitive environment for landlords. There are few tenants relative to the number of potential rental units, which could lead to prolonged vacancy periods unless landlords offer attractive terms or properties that stand out in the market.
For landlords considering their strategy regarding voucher acceptance versus cash-paying tenants, the decision should be based on the specific dynamics of the local rental market. Given the high median income and the uncertainty around market rate rents, cash-paying tenants might be more readily available. However, accepting vouchers can provide a steady stream of income guaranteed by the government, even if the occupancy rate is low. Landlords should weigh the benefits of immediate cash flow against the security of long-term, government-backed payments.
The takeaway for landlords is to carefully consider the risk and reward of each approach. In a market with such a small number of potential renters, diversifying your tenant mix between those who can pay market rates and those who rely on vouchers may be the best strategy to ensure consistent occupancy and income.
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.