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)
The analysis of ZIP code 25204 in Boone County, WV, reveals several key points that are crucial for landlords and small-portfolio investors.
The rent math does not work in favor of landlords seeking to maximize profit. The Fair Market Rent (FMR) for the area, set at $850 for fiscal year 2024, is the benchmark figure. However, without specific market rent data, it's challenging to compare directly. Nonetheless, if the market rent is below or close to the FMR, landlords will find it difficult to cover operational costs and generate a significant profit margin.
Regarding acquisition affordability, the lack of specific data on median home values, days on market (DOM), and the percentage of homes needing price cuts hinders a precise assessment. In the absence of these figures, it's impossible to determine if buying properties in this area is cost-effective relative to other investment opportunities.
Tenant demand appears to be stable but not robust. With a total population of 161 and a renter share of 21.2%, there is a limited pool of potential tenants. This could mean slower turnover rates and less competition among renters, which might affect the ability to raise rents or quickly fill vacancies.
Verdict: Investment in ZIP code 25204 is questionable due to the unclear profitability based on the given FMR of $850. Without market rent data, it's difficult to ascertain if rental income can outpace expenses. Additionally, the sparse data on median home values and other acquisition metrics make it hard to judge the cost-effectiveness of property purchases. Lastly, the small population and modest renter share suggest a limited tenant pool, which may impact occupancy rates and rental pricing strategies. Investors should proceed with caution and seek additional, specific data before making decisions.
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.