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 25333 in Unknown, West Virginia, for fiscal year 2024 is set at $1000. This figure represents the maximum amount that a landlord can receive through the Section 8 program for a unit in this area. It is important to note that this is the payment standard, not the rent you set for your property.
To understand the implications of this FMR, consider that it does not directly reflect the market rent for properties in Unknown, WV. The local market rent can vary, but the FMR caps the reimbursement rate for Section 8 participants. If your property's market value exceeds $1000, you will need to adjust your expectations accordingly, as the excess will not be covered by the program.
The percentage of renters in the area who might qualify for Section 8 assistance is indicated by the N/A% renter share. While the exact number is not available, this percentage gives an idea of the potential demand for subsidized housing. A higher percentage suggests a greater number of tenants seeking affordable housing options.
When acquiring a property for a Section 8 rental, the cost should align with the local median home price, which is also listed as N/A. This median price provides a benchmark for understanding typical property values in the area. Ensure that the purchase price of any property you consider is reasonable compared to this median to avoid overpaying.
A crucial step before finalizing your decision to enter the Section 8 rental market is to verify the physical condition of the property against HUD's Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these requirements can result in penalties or loss of participation in the program.
In summary, with an FMR of $1000 for ZIP 25333, landlords must be prepared to manage expectations regarding rent payments. The demand for Section 8 housing is represented by the N/A% renter share, and the acquisition cost should be evaluated relative to the N/A median home price. Before proceeding, confirm that your property meets HQS to avoid future complications.
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.