Location: Summers County, WV | Metro: Summers County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,260 |
| 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)
A skeptical investor might question whether the Fair Market Rent (FMR) of $900 for ZIP 25977, which includes Meadow Creek, WV, can sufficiently cover the mortgage on a typical home in the area. According to recent real estate data, the median home value in ZIP 25977 is not provided, indicating a lack of comprehensive information on home values. However, the current mortgage rates and home values can be researched further to determine if the FMR is adequate.
The second objection could be about the renter demand at 0.0%. This figure is misleading; it does not mean there is zero demand but rather that the specific data point is not available. The data from sources such as Realtor.com and Zillow suggest that there is some rental activity, with 2-bedroom apartments being listed for rent. Despite the limited data, it's clear that there is a need for rental properties, even if the exact percentage is unknown.
Lastly, an investor might wonder if vouchers will keep pace with market rents in ZIP 25977. Fair Market Rents (FMRs), as defined by HUD, are intended to reflect median rents for a given area. However, the specific data on voucher utilization rates and how they align with market rents for ZIP 25977 are not provided. To accurately assess this, one would need to look into the historical trends of voucher amounts and compare them with the local rent increases.
In conclusion, while the data provided offers some insights into the rental market and Fair Market Rents in ZIP 25977, there are gaps in information regarding median home values and precise renter demand percentages. These uncertainties should be considered when making investment decisions.
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.