Location: Barbour County, WV | Metro: Morgantown, WV MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $112,726 | 0.88% | C |
| 3BR | $1,240 | $181,974 | 0.68% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 26405, Philippi, WV, for fiscal year 2024 is set at $890. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the amount you will receive; it's the ceiling on what you can charge. The actual rent you receive will be based on the tenant's income and other factors.
In comparison to the local median rent, which is currently not available, the FMR provides a benchmark for rental prices in the area. However, since the local median rent is not specified, we can still analyze the demand for rentals using the renter share of the population, which stands at 11.9%. This indicates that a significant portion of the population relies on rental housing, suggesting a steady demand for affordable units.
The median home value in Philippi, WV, is approximately $142,293. This figure can help you understand the potential costs associated with acquiring a property for your first Section 8 rental. Given the relatively low median home value, it may be feasible to purchase a property outright or secure a mortgage at a reasonable rate. However, it's crucial to factor in additional costs such as maintenance, insurance, and property taxes when determining the overall financial viability of your investment.
Before making the decision to enter into a Section 8 contract, ensure that your property meets the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be met for a unit to qualify for the program. A thorough inspection can prevent costly surprises down the line.
To summarize, the FMR of $890 for ZIP 26405 sets the upper limit for rent under Section 8, while the 11.9% renter share suggests a stable demand for rentals. With a median home value of around $142,293, Philippi offers an entry point for those interested in the Section 8 program. However, it is imperative to verify that your property complies with HUD's HQS to avoid future complications.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.