Location: Fayette County, WV | Metro: Fayette County, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 25031 in fiscal year 2024 is set at $850. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you will receive; rather, it's the benchmark used to determine whether the rent you propose is reasonable.
Comparing this to the average rent of $591 reported by the Census Bureau's American Community Survey (ACS), you can see that the FMR provides a significant cushion. The difference of $259 suggests that there is room for landlords to charge a higher rent while still remaining within the guidelines of the Section 8 program. However, the actual rent you can charge will be based on the property's condition, location, and other factors, but it cannot exceed the $850 FMR.
The 29.2% of households that are renters indicates a strong demand for rental properties in ZIP 25031. With nearly three out of ten households renting, there is a solid market for Section 8 tenants who are looking for affordable housing options. This high percentage also suggests that many potential tenants might be seeking assistance through the Section 8 program to afford living in this area.
Regarding the acquisition cost, the data provided does not specify a particular figure for ZIP 25031. This means that the cost of purchasing a rental property in this area would need to be determined independently, likely through local real estate listings or direct inquiries to realtors. Without a specific acquisition cost, it's difficult to provide a precise analysis of the investment's profitability. However, given the FMR and the local average rent, it's clear that the Section 8 program can offer a stable source of income.
Before making your final decision, verify that your property meets all the necessary requirements for participation in the Section 8 program. This includes ensuring that the rent you propose does not exceed the $850 FMR and that your property passes the inspection criteria set by the housing authority. These steps are crucial to ensure compliance and avoid any delays or complications once you begin the process of renting to a Section 8 tenant.
Summary: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.