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 Fair Market Rent (FMR) for ZIP code 24862, as set by the U.S. Department of Housing and Urban Development (HUD), is $870 for the metro area fiscal year 2026. This figure represents the payment standard landlords can expect to receive from the government for a Section 8 rental unit. It's important to note that this is not the amount tenants will pay; rather, it's the total rent covered by both the tenant contribution and the government subsidy.
In contrast, the average rent in ZIP 24862 is currently $671, according to recent Census American Community Survey (ACS) data. This suggests that the FMR is higher than the typical market rate, which could be advantageous for landlords participating in the Section 8 program.
With 36.5% of residents being renters, there is a substantial demand for rental properties in this area. This percentage indicates that nearly two out of every five people in ZIP 24862 are looking for a place to rent, making it a viable market for new rentals.
The median household income in ZIP 24862 is $65,278. This figure helps determine the potential acquisition cost of rental properties. Landlords should consider this when evaluating property values and determining if they can afford to buy a property that would qualify for the Section 8 program.
To participate in the Section 8 program, landlords must ensure that their rental units meet certain quality standards known as Housing Quality Standards (HQS). Before finalizing any purchase, verify that your prospective property meets these HQS requirements. Failure to do so could result in disqualification from the program, even after acquiring the property.
In summary, the FMR of $870 is higher than the local average rent of $671, indicating a potentially profitable opportunity for landlords. With a renter share of 36.5%, there is ample demand for rental properties. The median income of $65,278 provides insight into the affordability of property acquisition. However, the key step before committing to a Section 8 rental is confirming that the property meets HUD's Housing Quality Standards.
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.