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 potential pitfalls of investing in ZIP 25331 under the Section 8 program are significant. Tenant turnover is a critical issue, with the market rent being listed as N/A compared to the $1000 Fair Market Rent (FMR) for the fiscal year 2024. This discrepancy can lead to challenges in maintaining consistent occupancy and income. Additionally, the average Days on Market (DOM) for properties is listed as N/A, indicating a lack of data on how quickly units typically become vacant and then reoccupied. This uncertainty can expose landlords to prolonged vacancy periods, which directly impact cash flow.
The typical home value and median income for ZIP 25331 are also listed as N/A, suggesting that there might be deferred maintenance issues due to a lack of financial resources among homeowners. This can translate into higher repair costs and maintenance needs for rental properties, especially those participating in the Section 8 program where the quality standards are stringent.
Despite these risks, the high renter share in ZIP 25331, listed as N/A%, indicates a robust demand for rental housing, which usually translates into a strong interest in Section 8 vouchers. A high concentration of renters often means a larger pool of potential voucher holders, increasing the likelihood of finding qualified tenants who can meet the requirements of the program.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.