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 ZIP code 24882 presents an interesting scenario for both renters and landlords. The median household income in this area stands at $86,733, which suggests a relatively affluent community. However, the absence of market rate data (N/A) makes it challenging to assess the overall rental landscape without additional context.
When considering the Federal Market Rent (FMR) standard for vouchers, set at $870 for the metro area in fiscal year 2026, the affordability gap becomes apparent. This figure represents the maximum amount that a voucher will cover, typically around 30% of the area's median income. In ZIP 24882, this means that households must find rentals that cost no more than approximately $2,900 per month to stay within the 30% rule, assuming they use their entire voucher allocation.
The ZIP code has a very low percentage of renters—only 0.0%. This could indicate a predominantly owner-occupied area, which might suggest limited demand for rental properties. Given the total population of 974, the number of potential renters is minimal, leading to stiff competition among landlords who cater to this niche market.
For landlords in ZIP 24882, the strategy should focus on understanding the local rental dynamics. If the market rate is indeed higher than what voucher payments can cover, then landlords may need to consider the balance between accepting vouchers and seeking out-of-pocket paying tenants. Accepting vouchers ensures a steady stream of rental income but may limit the pool of potential tenants. On the other hand, relying solely on cash-paying tenants could be risky if the number of such households is limited, as indicated by the low renter percentage.
The takeaway is clear: landlords should carefully weigh the benefits of voucher versus cash-pay strategies. Given the limited number of renters and the likely high market rates, diversifying tenant sources may be necessary to ensure a stable occupancy rate. Landlords might also consider improving property value through enhancements that attract cash-paying tenants willing to pay above the voucher limits, while still maintaining a portion of units for voucher holders to comply with local regulations and maintain a broader tenant base.
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.