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 24888 presents a unique challenge for both renters and landlords alike. Given the median household income of $36,813, it becomes evident that the financial landscape here is quite constrained. The absence of specific market rate figures suggests that either the rental market is underdeveloped or there is limited data available, which could indicate low competition among landlords.
In comparison to the voucher payment standard set at $870 for the fiscal year 2026, the financial situation of the average household in 24888 makes securing housing through market rates difficult. The voucher amount provides a stable and government-backed source of income, which is crucial given the low median income and the likely high cost of living relative to earnings.
The data indicating 0.0% of renters and a total population of 90 points towards a very small rental market, possibly due to a high prevalence of owner-occupied homes or a lack of rental properties. This means that the demand for rental housing is minimal, leading to a significant affordability gap and potentially reduced competition for landlords who cater to voucher holders.
For landlords considering their strategy, focusing on voucher tenants can be a prudent move. Given the low median income and the limited number of potential cash-paying tenants, accepting vouchers ensures a steady and reliable stream of income. It also taps into an otherwise underserved market segment, leveraging the government's support to fill units that might otherwise remain vacant due to the high cost of market-rate rents.
The takeaway is clear: landlords in ZIP 24888 should consider accepting Section 8 vouchers as part of their rental strategy. This approach not only helps them secure tenants but also aligns with the financial realities of the area, providing affordable housing options where they are desperately needed.
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.