Location: Charleston, WV | Metro: Charleston, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
The median income figure for this area is currently not available, which makes it challenging to assess the overall financial capability of the local households. However, the Fair Market Rent (FMR) for FY 2024 is set at $1000. This figure represents the maximum amount that a household receiving assistance can be expected to pay towards their rent.
Given the lack of specific data on the market rate rent and the percentage of renters in the area, we cannot provide a direct comparison between the median income and the market rate. Nevertheless, the voucher payment standard of $1000 offers a baseline for understanding the rental affordability in ZIP 25325.
The affordability gap in this ZIP code is significant due to the absence of median income data and the limited market rate information. This gap could mean increased competition among landlords who accept vouchers, as they cater to a segment of the population that may struggle to pay higher rents without assistance.
For landlords considering whether to accept voucher tenants or focus on cash-paying tenants, the decision should be made based on the local rental market dynamics and the availability of potential tenants. Accepting voucher payments can ensure a steady stream of income but may also limit the rent to the FMR of $1000. On the other hand, focusing on cash-paying tenants might allow for higher rent amounts, but requires a robust local economy and a sufficient number of households capable of paying those rates.
Takeaway: Landlords in ZIP 25325 should carefully weigh the benefits of accepting voucher tenants against the potential for attracting cash-paying tenants. Given the limited data, it's advisable to consult local real estate agents or conduct a thorough market analysis to understand the current rental landscape better.
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.