Location: Boone County, WV | Metro: Boone County, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1020 for ZIP 25148 in Orgas, WV, can cover the mortgage on a typical home. With an average home value of $57,200, it's likely that the mortgage payments would be lower than in more expensive markets. However, specific mortgage amounts aren't provided, so we cannot definitively say if the FMR will cover these costs.
The investor could also doubt the renter demand in ZIP 25148, given the reported 0.0% demand. This figure, however, seems to be an anomaly or misrepresentation, as it's highly unlikely for any area to have zero renter demand. The data suggests that 136 households exist in this ZIP code, indicating a need for rental properties.
Another concern is whether Housing Choice Vouchers will keep pace with market rents. Unfortunately, the data does not provide specific figures for voucher utilization rates in ZIP 25148. However, it's important to note that the median household income in this area is $69,115, which is relatively low. This implies that many residents might rely on vouchers to afford housing, making it crucial for landlords to ensure their rents align with voucher amounts.
In summary, while some data points are incomplete or unclear, it's evident that ZIP 25148 presents unique challenges for landlords and small-portfolio investors. Careful consideration of local economic conditions and thorough research on specific property costs are essential for success in this market.
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.