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)
23.1% of the population in ZIP code 24878 rents their homes, indicating a significant demand for rental properties in the area. With an $870 Fair Market Rent (FMR) set for the metro area in fiscal year 2026, landlords can expect to receive this amount per unit under the Section 8 program. This figure stands as a benchmark for rental rates, ensuring that properties are priced competitively within the subsidized housing market. The median income of $33,113 provides insight into the financial capabilities of potential tenants, suggesting that many will likely require assistance such as Section 8 vouchers to afford housing.
The absence of specific market rent and median home value data points to a lack of comprehensive real estate market analysis for this particular ZIP code. However, the $870 FMR serves as a reliable indicator for setting rental prices, especially for those participating in the Section 8 program. It's worth noting that without day DOM (days on market) and percentage of price-cut share data, it's difficult to gauge the speed at which properties are being rented out and the frequency of price adjustments needed to attract tenants.
In summary, the 23.1% renter share combined with the $870 FMR suggests a stable rental market for landlords and small-portfolio investors who are willing to participate in the Section 8 program. The median income of $33,113 further supports the viability of this approach, as it aligns well with the income limits for Section 8 eligibility. While there is limited data regarding the local real estate market specifics, the provided figures indicate a favorable environment for Section 8 rentals. Verdict: Section 8 participation in ZIP 24878 is advisable for steady, government-backed rental income.
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.