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 |
U.S. Census Bureau data (2024)
The ZIP code 25115 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, as the Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $870, which is notably lower than the typical market rent. This discrepancy can lead to higher tenant churn, as individuals might seek more affordable housing options outside the program.
Vacancy exposure is another risk factor. The days on market (DOM) for rental properties in this area is not available, but it is crucial to understand that extended periods of vacancy can severely impact cash flow. With no specific data on DOM, landlords must be prepared for potential long-term vacancies.
Deferred maintenance is also a concern, particularly given the lack of data on typical home values and median incomes. Without these figures, it's difficult to assess the financial capacity of landlords to maintain their properties adequately. Poor maintenance can lead to higher costs and decreased property value over time.
Despite these risks, there is a silver lining. The renter share in ZIP 25115 is 0.0%, indicating an extremely high concentration of renters. High renter density often translates into greater demand for Section 8 vouchers, which can stabilize occupancy rates and provide a steady stream of tenants.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP 25115 is moderate.
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.