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 24861 is situated in a neighborhood characterized by a significant rental market presence, with 93.9% of its population renting their homes. This places it squarely within the realm of areas highly dependent on rental housing, making it an attractive target for investors focused on the rental sector. The demographic snapshot reveals a population size of 90, though the median income and median home value are not available, indicating a potential lack of detailed economic data for this area.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $870. However, without specific data on the current market rent for ZIP 24861, it's challenging to make a direct comparison. The absence of such figures suggests either a nascent market or one that hasn't been thoroughly analyzed, which could present opportunities for informed investment decisions.
Given the high percentage of renters and the dependency on rental housing, this ZIP code is well-suited for hands-off voucher operators who can rely on government assistance programs to fill their properties. The guaranteed income stream from Section 8 vouchers provides stability, especially in areas where detailed market data is lacking. For those looking to actively manage and add value to their investments, there might be room for improvement in property management practices and potentially in renovating units to meet higher standards, thus increasing the likelihood of attracting tenants beyond just voucher recipients.
In conclusion, ZIP 24861 presents itself as a neighborhood deeply rooted in rental housing, supported by a robust Section 8 program with a defined FMR of $870. Its characteristics align well with both hands-off operators and hands-on value-add buyers, depending on the investor's strategy and willingness to engage in local market dynamics.
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.