Location: Fayette County, WV | Metro: Fayette County, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
The analysis of ZIP code 25002 in Fayette County, WV reveals several key points that are crucial for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $870. However, due to the lack of available market rent data, it's impossible to directly compare these figures. Landlords should consider this FMR as a guideline for setting rental prices that align with government-assisted housing programs.
Regarding the affordability of acquisitions, the median home value is not provided, which makes it challenging to assess the overall cost of purchasing property in the area. Additionally, the average number of days on the market (DOM) and the percentage of homes that have been listed with price cuts are also unavailable. This absence of data suggests that further investigation into local real estate trends would be necessary to make informed decisions about property acquisitions.
The third question concerns tenant demand. The population and the percentage of renters in ZIP 25002 are not specified. Without these numbers, it's difficult to gauge the potential occupancy rates and the stability of rental income. For a thorough understanding, landlords should research the local demographics and housing market to determine if there is a sufficient pool of tenants interested in renting properties.
Verdict: ZIP 25002 presents an opportunity for landlords and small-portfolio investors looking to align their rental properties with the $870 FMR for fiscal year 2024. However, the lack of detailed market data on home values, DOM, price-cut percentages, and tenant demographics necessitates additional local research before making any investment decisions. The viability of rental income and property acquisition costs remains uncertain without this critical information.
Data Sources: FMR data from HUD (2027).
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.