Location: Raleigh County, WV | Metro: Raleigh County, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 25140 presents an interesting scenario for both renters and landlords. Given the median income data is currently unavailable, it's challenging to provide a precise snapshot of the financial landscape. However, with the voucher payment standard set at $930 for fiscal year 2024, we can infer some aspects of affordability.
The Fair Market Rent (FMR) of $930 is the benchmark for voucher payments. This figure represents the maximum amount a household can be expected to pay for housing costs, including rent and utilities, while still being considered affordable. For households relying on vouchers, the $930 limit will significantly influence their rental decisions.
With 32.9% of the 1,321 population renting, the competition among landlords is moderate but present. The affordability gap between the FMR and the actual market rate is critical. If the market rate exceeds $930, which is likely given that market rates are typically higher than FMRs, many renters will find it difficult to secure housing without financial assistance. This creates a scenario where landlords must decide whether to cater to voucher holders or aim for cash-paying tenants.
The takeaway for landlords is clear: understanding the local rental dynamics is crucial. If the majority of potential tenants are reliant on vouchers due to the unaffordable market rate, landlords should consider accepting vouchers to remain competitive. Conversely, if there is a significant portion of the population capable of paying above the FMR, focusing on cash-paying tenants could yield higher returns. Landlords must balance these considerations, keeping in mind the $930 voucher payment standard as a key reference point for setting rents.
To make informed decisions, landlords should also monitor local economic indicators and tenant preferences. Engaging with local housing authorities and understanding the voucher process can provide additional leverage in attracting tenants. Ultimately, flexibility and awareness of the local rental environment will be key to success in ZIP 25140.
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.