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 median income in ZIP code 24892 stands at $36,707, which places significant constraints on the ability of households to afford the market rate rent of $726 per month. When comparing this figure to the Fair Market Rent (FMR) set at $870 for metro FY 2026, it becomes evident that the median income falls short of covering even the subsidized rates.
In this context, the affordability gap is substantial. A household earning the median income would struggle to pay the market rate without financial strain, let alone the higher FMR for voucher payments. This indicates that many renters might be seeking affordable housing options through programs such as Section 8, where the government helps cover the cost of rent.
With 48.9% of the 1,193 population being renters, there is a notable demand for rental properties. However, the limited financial resources of these potential tenants suggest fierce competition among landlords to attract those who can pay the market rate. For those who rely on Section 8 vouchers, landlords must consider the lower payment standard compared to the market rate.
The takeaway for landlords is clear: focusing on cash-paying tenants means targeting a smaller segment of the market who can afford the $726 monthly rent, while embracing Section 8 vouchers opens up a broader pool of potential renters willing to pay the FMR of $870. However, the latter strategy requires navigating the complexities of the voucher system and accepting a payment level that is below the current market rate but still above the median income level of the area.
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.