Location: Mercer County, WV | Metro: Mercer County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 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 24731 presents a dynamic rental market with specific characteristics that indicate the relationship between supply and demand. The Fair Market Rent (FMR) for the area, set at $900 for fiscal year 2026, represents the benchmark used by the Housing Choice Voucher Program, commonly known as Section 8. This figure is notably higher than the current market rent of $628, based on recent Census American Community Survey (ACS) data. This discrepancy suggests that there might be a potential for rental prices to rise, aligning with the FMR over time.
The lack of data regarding the percentage of price cuts and days on market (DOM) indicates a stable market without significant fluctuations or oversupply issues. However, the absence of a median home value figure points to a predominantly rental-based environment, which is further supported by the high renter share of 71.8%. This high proportion of renters implies that the area has a strong reliance on rental properties, likely due to factors such as affordability, employment opportunities, or demographic composition.
The high renter share also suggests long-term housing pressure, as a significant portion of the population cannot afford to purchase homes. This creates a continuous demand for rental properties, making it a favorable market for landlords and small-portfolio investors who can offer quality rentals at competitive rates. The market appears to be one where demand is robust, and landlords who maintain their properties well and stay informed about local economic trends will find themselves in a position to capitalize on steady occupancy and potential rent increases.
In summary, ZIP 24731 is a market characterized by a high dependency on rentals, with a current market rent below the FMR, indicating a positive outlook for rental prices in the future. Landlords should focus on providing attractive rental options that meet the needs of a diverse tenant base, ensuring they remain competitive in this evolving market.
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.