Location: Mason County, WV | Metro: Charleston, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The median income in Hurricane, WV (ZIP 25526) stands at $85,176. Given the market rate for rent, known as the Zillow Observed Rent Index (ZORI), is $1,234, it becomes evident that the cost of living in this area can be quite challenging for renters. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,020, which represents the amount paid by Section 8 vouchers.
To put these figures into context, consider that a household earning the median income would spend approximately 14.5% of their monthly earnings on the market-rate rent of $1,234. This percentage increases slightly when comparing the FMR of $1,020, representing about 15.5% of the median income. These calculations suggest that while the median income can support the market-rate rent, there remains a significant affordability gap for those relying solely on voucher payments.
The population of Hurricane is 22,514, with 19.6% of residents being renters. This indicates that nearly 4,426 people are looking for affordable housing options. For landlords, this means that there is both competition and a need to cater to different segments of the rental market, including those who rely on Section 8 vouchers.
The affordability gap between the market rate and the FMR creates a scenario where landlords must decide whether to prioritize voucher tenants or those able to pay cash. Accepting voucher payments ensures a steady stream of income but limits the potential for higher rents. On the other hand, focusing on cash-paying tenants can lead to higher profits but requires navigating a competitive landscape and potentially turning away those who cannot afford the higher rates.
Takeaway: Landlords in Hurricane, WV should consider diversifying their tenant mix to include both voucher recipients and cash-paying tenants. This approach allows them to balance the reliability of government-subsidized rents with the potential for higher returns from market-rate tenants. Understanding the local economic conditions and the preferences of potential renters will be crucial in making informed decisions about their rental strategy.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.