Location: Wyoming County, WV | Metro: Wyoming County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24857, which stands at $870 for the fiscal year 2026, sets the payment standard for Section 8 rentals in this area. This means that if you decide to participate in the Housing Choice Voucher program with a property in this ZIP code, the government will pay up to $870 per month towards your tenant's rent. However, it's important to note that this does not represent the total rent you can charge; it simply caps the amount the voucher will cover.
To put this into perspective, the local median rent for similar properties is currently listed as N/A. While we don't have a direct comparison here, understanding the FMR helps you set realistic expectations for the portion of rent covered by vouchers. The FMR is designed to ensure that voucher holders can find suitable housing without being overburdened by costs.
In ZIP 24857, 10.4% of the population are renters, indicating a moderate level of demand for rental properties. Although this percentage alone doesn't tell the whole story, it suggests there is a segment of the market interested in affordable housing options. This could translate into a steady stream of potential tenants who qualify for Section 8 assistance.
Regarding the acquisition cost of properties in this area, the data indicates it as N/A. Without specific numbers, it's challenging to provide an exact figure, but generally, knowing the typical acquisition costs can help you determine whether a Section 8 rental fits within your investment strategy. It's crucial to consider not just the monthly income but also the upfront investment required.
Before proceeding with your first Section 8 rental in ZIP 24857, verify the condition of the property against HUD's Housing Quality Standards (HQS). These standards ensure that the home meets basic safety and habitability criteria, which is mandatory for any property participating in the Section 8 program. Ensuring compliance with HQS upfront saves time and resources later on.
In summary, while the FMR provides a clear benchmark for government payments, it's essential to understand the local rental landscape, tenant demand, and property acquisition costs. The key step to take before committing is to confirm that your property meets the necessary safety and quality standards required by the program.
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.