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 |
To decide if you should buy in ZIP code 24829 (Unknown, WV) for Section 8 investments, follow this decision tree:
Step 1: Determine if the Fair Market Rent (FMR) of $870 for the metro area in fiscal year 2026 covers your debt service on the property. Since the specific property details are not provided, you cannot make a definitive calculation. However, you need to ensure that the $870 FMR is sufficient to cover your mortgage payments, taxes, insurance, and other expenses associated with the property.
Step 2: Assess whether the market rent is above, at, or below the FMR. The data indicates that the market rent is not specified. To proceed, you must find out the average market rent for similar properties in the area. If the market rent is higher than $870, you can potentially earn more by renting to non-Section 8 tenants. If it's around $870, you might be able to attract both Section 8 and market-rate tenants. If it's lower than $870, Section 8 could provide a stable income source, but it might limit your potential rental income.
Step 3: Evaluate the demand for rentals. The data shows that the percentage of renters and the days on the market (DOM) are not provided. To make an informed decision, you need to research the local rental market. If over 50% of the residents are renters and the DOM is under 30 days, there is strong demand. This would mean that you can likely fill vacancies quickly and maintain steady occupancy rates.
If you can answer these questions affirmatively based on the specific property and market conditions, then buying in ZIP 24829 for Section 8 investments could be a viable strategy. Otherwise, it depends on how well you can mitigate risks and manage costs.
Data Sources: FMR data from HUD (2027).
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.