Location: Greenbrier County, WV | Metro: Greenbrier County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 24901, centered around Lewisburg, WV, reveals a critical gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $980, while the Census ACS data indicates a market rent of $971. This means that the FMR exceeds the market rent by $9, or approximately 0.93%. In this context, landlords can leverage this situation to their advantage.
The reason voucher tenants make this area a yield play is due to the guaranteed income from the Housing Choice Voucher Program. Landlords receive a subsidy that bridges the gap between the market rent and the FMR, ensuring they are paid the higher FMR rate. This is particularly beneficial in an area where 37.5% of residents are renters, indicating a substantial demand for affordable housing. The median home value in Lewisburg is $295,843, and the median income is $53,403, which suggests that many residents may struggle to afford housing without assistance.
If the FMR were lower than the market rent, it would imply that landlords accepting Section 8 vouchers might have to rent out their properties below the open-market rate, potentially reducing their rental income. However, since the FMR is slightly above the market rent, landlords can expect a stable and slightly higher income stream compared to what the open market might offer. This makes Lewisburg an attractive location for landlords looking to participate in the Section 8 program, as they can secure a steady income while meeting the needs of low-income renters.
To summarize, the gap between the FMR and market rent in Lewisburg, WV, makes it a favorable environment for landlords participating in the Section 8 program. The slight premium of $9 per unit ensures a consistent income source, especially in a community where affordability is a significant concern for a large portion of the population.
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.