Location: McDowell County, WV | Metro: McDowell County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
U.S. Census Bureau data (2024)
The ZIP code 24808 stands out due to its unique data signature, which includes a total of 501 residents, with 19.7% of them renting their homes. Despite the limited demographic details available—such as the median income and median home value being listed as N/A—the area offers insights into the rental market dynamics through the lens of Section 8 vouchers.
The Fair Market Rent (FMR) for ZIP 24808 is set at $870 for the fiscal year 2026. This figure is crucial for understanding the economic viability of accepting Section 8 tenants. However, without specific data on the local market rent, it's challenging to provide a direct comparison between the FMR and the actual rental prices. Landlords should be aware that the FMR serves as a benchmark for the maximum amount that can be charged to tenants with vouchers, ensuring affordability for low-income families while also providing a steady stream of rental income.
In terms of stability, the data signature for ZIP 24808 suggests a transitional environment. The lack of detailed economic indicators, such as median income and home values, implies that the area might be undergoing changes. The relatively low number of residents and the percentage of renters indicate that there could be shifts in population dynamics or housing trends. For small-portfolio investors, this transitional nature presents both opportunities and risks, requiring careful consideration of the local market conditions before making investment decisions.
To conclude, ZIP 24808 offers a niche rental market with a defined role for Section 8 vouchers, setting a clear rental benchmark at $870 for the upcoming fiscal year. The transitional characteristics of the area mean that investors must stay informed about local developments and trends to make strategic decisions.
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.