Section 8 Fair Market Rent (FMR) for ZIP 24831 - 2027
Location: McDowell County, WV | Metro: McDowell County, WV
FY 2027 Fair Market Rent Rates
| 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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$57,652
To determine if you should buy in ZIP code 24831 for Section 8 investments, follow these steps:
- Step 1: Clear Debt Service: The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is $870. For a property valued at $38,754, calculate the debt service. If the $870 monthly rent does not cover the total debt service, including mortgage payments and other expenses, then the answer is No. Landlords must ensure that the rental income meets or exceeds their financial obligations.
- Step 2: Market Rent Comparison: The market rent for ZIP 24831 is currently N/A. This means there is insufficient data to compare the market rent against the FMR. If market rent is above the FMR, consider the potential for higher rents; if it's equal to or below the FMR, then the answer is It Depends. Without concrete market rent figures, it's challenging to make a definitive recommendation.
- Step 3: Demand Analysis: In ZIP 24831, 0.0% of renters are interested in Section 8 properties, and the days on market (DOM) is also listed as N/A. With no renters showing interest and an unknown DOM, the demand for Section 8 properties in this area is No. There isn't enough tenant interest to support the investment, even if the FMR were to cover debt service.
If the FMR does not cover your debt service, do not proceed with the purchase. If market rent data is available and shows that it's above the FMR, it could indicate strong market conditions. However, without sufficient demand from renters interested in Section 8 properties, the investment is not advisable. The lack of tenant interest in Section 8 housing in this ZIP code makes it a poor choice for such an investment strategy.
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.