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 analysis of ZIP code 24881 within the McDowell County, WV metro area reveals several key points that are crucial for landlords and small-portfolio investors.
Firstly, regarding the rent math, the Fair Market Rent (FMR) for the area is set at $870 for fiscal year 2026. However, the market rent data is currently unavailable, which makes it difficult to accurately compare and determine if the rent math works effectively. This gap in data suggests a need for further investigation into local rental trends to ensure profitability.
Secondly, the acquisition affordability is uncertain due to the lack of specific data on median home values, days on market (DOM), and the percentage of homes that have been subject to price cuts. Without these figures, it's challenging to assess whether purchasing properties in this ZIP code would be financially prudent for investors looking to enter the market.
Lastly, there is a notable tenant demand in ZIP 24881. With a population of 82 and a 46.2% renter share, the majority of residents are likely seeking rental housing. This indicates a potential market for landlords who can cater to the needs of these renters.
Verdict: While there is a clear tenant demand in ZIP 24881, with nearly half of the population renting, the lack of detailed market rent and property acquisition data hinders a comprehensive assessment. Landlords should proceed cautiously, ensuring they gather current market data before making investment decisions. The FMR of $870 provides a benchmark but requires validation against actual market rents to confirm financial viability.
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.