Location: Mercer County, WV | Metro: Mercer County, WV
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $108,713 | 0.86% | C |
| 3BR | $1,260 | $169,381 | 0.74% | D |
| 4BR | $1,350 | $219,355 | 0.62% | D |
| 5BR | $1,566 | $276,884 | 0.57% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 24740, Princeton, WV, stands at $880 for the metro area in fiscal year 2026. This figure represents the payment standard set by the U.S. Department of Housing and Urban Development (HUD) for Section 8 housing vouchers. It does not represent the actual rent you will receive from tenants; rather, it's the maximum amount HUD will pay to cover a tenant’s rent.
In comparison, the local Zillow Observed Rental Index (ZORI) for the same area is $807. This indicates that the average rent for similar properties in the vicinity is slightly lower than the HUD-set FMR. For landlords participating in the Section 8 program, this means they can potentially charge a rent higher than the local average but cannot exceed the $880 limit for the voucher payment.
The demand for rentals in ZIP 24740 is strong, with 36.0% of residents being renters. This high percentage suggests that there is a significant market for rental properties, making it a viable option for landlords looking to enter the Section 8 program. However, it also means competition among landlords could be fierce, especially if they aim to attract voucher holders.
When considering the acquisition cost of a property in this area, the median home value is around $150,870. This figure should be used to evaluate whether the potential income from Section 8 rentals justifies the initial investment. Keep in mind that the monthly rent covered by the voucher, combined with any additional rent you might collect from the tenant, needs to offset the mortgage, maintenance, and other costs associated with owning and managing a rental property.
Before finalizing your decision to offer a property under Section 8, ensure that the property meets the required inspection standards. HUD conducts regular inspections to ensure the safety and quality of housing units. Failure to meet these standards can result in disqualification from the program. Therefore, verifying compliance with HUD’s physical inspection requirements is crucial before proceeding.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.