Location: Jefferson County, WV | Metro: Jefferson County, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
The Fair Market Rent (FMR) for ZIP code 25423 in Unknown, WV, for fiscal year 2024 is set at $1100. This figure represents the payment standard for Section 8 housing assistance in your area, which means that if you choose to participate in the program, the government will pay up to $1100 per month toward the rent of a tenant who qualifies for Section 8 benefits.
Note that this is not the actual rent you can charge; it's the maximum amount the Housing Authority is willing to pay on behalf of a tenant. You can set your rent higher than $1100, but the tenant would need to cover the difference out of pocket, which could be challenging given the local economic conditions.
Unfortunately, specific local rent data is currently unavailable (N/A), making it difficult to provide a direct comparison between typical market rents and the FMR. However, the lack of detailed local data does not diminish the importance of understanding the FMR as a benchmark for what the government considers reasonable for assisted housing payments in your area.
The percentage of renters in the area who might qualify for Section 8 assistance is also not specified (N/A%). This figure is critical because it indicates the potential demand for Section 8 rentals. A higher percentage suggests more tenants looking for affordable housing options, which could mean a steady stream of applications.
In terms of acquiring a property for a Section 8 rental, the median home value in the area is not available (N/A). However, knowing the local real estate market trends and property values can help you determine whether investing in a Section 8 rental is financially viable. Consider consulting local real estate agents or reviewing recent sales data to get a better sense of property costs in ZIP 25423.
Before proceeding with your investment, verify that the property meets all the necessary requirements for Section 8 participation. This includes ensuring the unit passes a housing quality standards (HQS) inspection and adheres to fair housing laws. These steps are crucial to avoid any legal issues or delays in receiving your rental payments.
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.