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 Fair Market Rent (FMR) for ZIP code 25327 in Unknown, WV, for fiscal year 2024 is set at $1000. This figure represents the payment standard for Section 8 rentals in this area, which is the maximum amount that a landlord can charge for rent under the program. It's important to note that this is not the actual rent you will receive; rather, it's the ceiling price for rent in your Section 8 agreement.
To put this into perspective, consider that the local median rent for similar properties in ZIP 25327 is currently N/A. The FMR of $1000 might be higher or lower than the typical market rates, depending on the specifics of your property and the local housing conditions. However, since the exact median rent is not available, we must rely on the FMR as our primary reference point.
The N/A% of renters in Unknown, WV, indicates the proportion of residents who are likely to be seeking rental properties through programs like Section 8. This percentage suggests a significant demand for affordable housing options, which could translate into a steady stream of potential tenants for your property.
When acquiring a new rental property, the average cost is N/A. This figure helps you understand the initial investment required to enter the Section 8 rental market. Given the FMR and the local demand, it's crucial to ensure that your property meets all the necessary qualifications for the Section 8 program. One key aspect to verify is that the rent you seek does not exceed the $1000 limit, as this would disqualify your property from participation in the program.
In summary, if you're considering your first Section 8 rental in ZIP 25327, the $1000 FMR sets the parameters for your rental income. With a strong demand indicated by the N/A% renter share and an average acquisition cost of N/A, you should proceed with caution but also with confidence. The most critical step before finalizing your decision is to confirm that your property's rent aligns with the FMR guidelines.
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.