Location: Lincoln County, WV | Metro: Lincoln County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The ZIP code 25540 presents an interesting case study for both renters and landlords. With a median income of $2,499 per month, households face significant challenges in affording the local market rate rent, which is currently unavailable due to insufficient data. However, comparing this median income to the Fair Market Rent (FMR) standard set at $860 for fiscal year 2024, it becomes evident that the voucher program offers substantial relief to many renters.
In ZIP 25540, 56.5% of the population are renters, with a total population of 192 individuals. This high percentage of renters indicates a competitive market for landlords, where the ability to attract and retain tenants is crucial. The affordability gap between the median income and the FMR suggests that many renters would benefit from the rental assistance provided through vouchers, making them a valuable asset for securing tenants.
For landlords considering their strategy, the reliance on voucher payments versus cash-paying tenants should be carefully evaluated. Vouchers guarantee a steady stream of income, albeit at a fixed rate of $860 per month, which is significantly below the potential market rate. This fixed rate can provide stability but might also limit profit margins compared to renting at market rates.
However, given the competitive nature of the rental market in ZIP 25540 and the financial constraints faced by many renters, accepting vouchers can be a strategic move to ensure consistent occupancy and reduce vacancy rates. Landlords who choose to focus solely on market-rate tenants must be prepared to offer competitive pricing and possibly amenities to stand out in a crowded market.
The takeaway for landlords is clear: while market-rate rents may offer higher returns, the reliance on voucher-supported tenants ensures a stable and predictable income stream. In ZIP 25540, where over half the population are renters and median incomes are low, embracing both strategies—market-rate and voucher-supported—can maximize opportunities and minimize risks.
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.