Location: Logan County, WV | Metro: Logan County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
A skeptical investor might question whether the Fair Market Rent (FMR) of $870 for ZIP 25614 can sufficiently cover the mortgage on a home. The average home price in ZIP 25614 is not directly available, but according to recent real estate market data, the median home value in surrounding areas of West Virginia is around $100,000. This suggests that a typical home in ZIP 25614 could be priced similarly, depending on specific conditions and property types. A mortgage on a home priced at $100,000 with a 30-year fixed-rate loan at an interest rate of 5% would require monthly payments of approximately $537, which is well below the FMR.
The second objection could be about the demand for rentals. Unfortunately, the exact rental vacancy rate for ZIP 25614 is not provided in the data we have. However, it's important to note that a lower vacancy rate indicates higher demand for rental properties. Without specific figures, it's challenging to quantify the demand accurately. Yet, given the context of the area, maintaining a competitive rental price close to the FMR should attract tenants.
Lastly, an investor might wonder if HUD vouchers will keep up with market rents. According to the HUD document on payment standards for June 2025, the voucher payment standard for ZIP 25614 is set at $719 for a one-bedroom unit, which is below the FMR. This implies that while vouchers can help fill units, they may not fully cover the cost of renting at the FMR. Landlords who rely on voucher holders might need to consider adjusting their expectations or finding ways to reduce operational costs to maintain profitability.
In summary, the FMR of $870 provides a strong base for covering mortgage payments on homes in ZIP 25614, assuming typical home values. The lack of precise rental vacancy rates makes it difficult to assess demand accurately, but staying competitive with pricing should attract tenants. Vouchers are likely to provide some support but will not match the FMR, requiring careful financial planning.
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.