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 24884 presents an interesting scenario for both renters and landlords. Given the median income is listed as N/A, it becomes challenging to assess the financial capacity of households to afford the market rate rent, also listed as N/A. However, we can still draw insights from the available data.
The voucher payment standard for this area is set at $870, which represents the Fair Market Rent (FMR) for the metro area in fiscal year 2026. This figure is crucial because it indicates the maximum amount the government will pay landlords on behalf of tenants participating in the Section 8 program. The low percentage of renters, at 6.7%, combined with a small population of 54, suggests a limited demand for rental properties. This could translate into higher competition among landlords to attract tenants who are willing and able to pay the market rate.
The affordability gap is significant in this context. If the market rate rent exceeds $870, then only those few households capable of paying the difference beyond the voucher amount will be able to rent properties. For instance, if the market rate is $1,000, the tenant would need to contribute $130 out-of-pocket each month, assuming they receive the full voucher amount. Given the lack of data on median income, it's unclear how many local households can meet this additional cost.
For landlords, the decision between accepting voucher payments versus relying on cash-paying tenants is critical. Accepting vouchers guarantees a steady, government-backed income stream, albeit at the FMR rate of $870. On the other hand, targeting cash-paying tenants might yield higher rents but comes with the risk of reduced demand due to the limited number of potential renters in the area. Landlords must weigh these factors carefully when setting their rental strategies.
The takeaway for landlords is to consider the balance between stability and potential revenue. While the voucher strategy offers guaranteed income, it caps earnings at the FMR rate. Cash-pay strategies can be more lucrative if the market rate is significantly above $870, but landlords should be prepared for lower occupancy rates and longer vacancy periods given the limited pool of potential tenants.
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.