Location: Monroe County, WV | Metro: Monroe County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 cap rate for ZIP code 24984 reveals some limitations due to incomplete data. However, we can still provide a rough picture based on the available information.
The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 24984 for fiscal year 2026 is set at $900 annually. This figure represents the government's benchmark for rental subsidies under the Section 8 program. To calculate the implied gross yield using this FMR, we would need the median home value, which is currently unavailable. Therefore, we cannot provide a precise cap rate for the Section 8 scenario.
Turning to market rents, the lack of specific data means that a direct comparison to the FMR cannot be made. Without a market rent figure, it's impossible to determine the gross yield for market-rate rentals. The missing median home value also hinders the ability to calculate an accurate cap rate for market-rate scenarios.
Despite these data gaps, the 33.3% renter density suggests that there is a significant portion of the population in ZIP 24984 who rely on rental housing. This could imply a steady demand for both market-rate and subsidized rentals, supporting the viability of rental investments. However, the absence of Days on Market (DOM) data makes it difficult to assess the speed at which properties are typically rented out, which is crucial for understanding cash flow and investment turnover rates.
In summary, while the annualized two-bedroom FMR of $900 provides a baseline for Section 8 rental income, the inability to compare it against market rents due to insufficient data limits the depth of our analysis. Investors should gather additional local market data to refine their investment strategy in ZIP 24984.
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.