Location: Monroe County, WV | Metro: Monroe County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 24974, with a population of 223, is notably skewed towards affordability concerns. The median income stands at $21,446, which presents significant challenges for households attempting to meet even the most basic housing costs.
Market rate rents are currently unavailable for this area, indicating either a lack of comprehensive data or an exceptionally low number of rental properties. This absence makes it difficult to assess the overall cost burden on local renters, but given the median income figure, it is reasonable to infer that market rate rents would be unaffordable for the majority of residents.
In comparison, the Fair Market Rent (FMR) as of metro FY 2026 is set at $890. While this represents a more manageable rent amount for those with the median income, it still poses a substantial financial strain. A household earning $21,446 annually would need to allocate nearly half of their income towards housing if they were to pay the FMR, highlighting the tight budget constraints faced by renters.
The ZIP code's rental market is further complicated by the fact that there are no reported renters, suggesting a predominantly owner-occupied community. This lack of rental activity means that landlords must consider niche opportunities when deciding whether to enter this market.
The affordability gap in ZIP 24974 translates into minimal competition for landlords willing to accept Housing Choice Vouchers. Given the limited population and the high percentage of owner-occupiers, landlords who can accommodate voucher payments will likely attract a steady stream of tenants. However, the strategy of accepting vouchers should be balanced against the potential for cash-paying tenants who might offer higher rent amounts, albeit fewer in number due to the economic realities of the area.
Takeaway for landlords: In ZIP 24974, the economic profile of the area suggests a strong preference for accepting Housing Choice Vouchers. The $890 FMR aligns closely with the financial capabilities of the median-income household, making it a practical choice. Landlords should also prepare for a potentially smaller pool of cash-paying tenants, who may be fewer but willing to pay more than the voucher rate, depending on the local job market and other economic factors.
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.