Section 8 Fair Market Rent (FMR) for ZIP 25323 - 2027

FY 2027 Fair Market Rent Rates

The median income for ZIP 25323 in Charleston, WV, is not available due to the nature of the ZIP Code being primarily for PO Boxes. However, the nearby ZIP Code 25301 offers some insight into the economic conditions of the area. According to recent data, the median household income in ZIP 25301 is around $40,000.

The rental market rate in ZIP 25323 is also not directly available. However, the Federal Market Rent (FMR) for ZIP 25323 in fiscal year 2024 is set at $1000. This figure serves as a benchmark for housing assistance programs such as Section 8 vouchers.

Given the median income of approximately $40,000 in the surrounding area, it becomes evident that the cost of living, particularly in terms of housing, poses a significant challenge for many residents. A household earning $40,000 annually would struggle to afford a market rate rent of $1000 or higher without financial assistance.

This affordability gap means that landlords in ZIP 25323 face stiff competition from properties that accept Section 8 vouchers. Tenants who rely on vouchers seek affordable housing options, and landlords who accept these vouchers can attract a steady stream of tenants.

Takeaway: Landlords considering their strategy should weigh the benefits of accepting Section 8 vouchers against the potential of renting to cash-paying tenants. While vouchers ensure timely payments, the lower rent they provide might result in less profit compared to market rates. Landlords must assess the demand for both types of tenancy and consider the long-term stability and profitability of their investment.

Data Sources: FMR data from HUD (2027).

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.