Location: Morgantown, 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 | $910 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $100,522 | 1.18% | B |
| 3BR | $1,460 | $143,967 | 1.01% | B |
| 4BR | $1,770 | $153,430 | 1.15% | B |
U.S. Census Bureau data (2024)
The rent math in ZIP 26444 does not align favorably for landlords. The Fair Market Rent (FMR) set at $910 for the fiscal year 2024 is significantly higher than the actual market rent reported by the Census ACS, which stands at $680. This discrepancy suggests that landlords may struggle to find tenants willing to pay the FMR, leading to potential vacancies or reduced rental income.
Acquisition in ZIP 26444 is relatively affordable, with a median home value of $115,660. However, the lack of data on days on market (DOM) and the percentage of homes needing price cuts indicates that there might be inefficiencies or unpredictability in the local real estate market. Landlords should exercise caution when assessing the liquidity and resale potential of properties in this area.
Tenant demand is modest given the small population size of 3,490 and a renter share of 14.5%. This means that only about 490 individuals are likely to be actively seeking rental housing. Such limited demand can make it challenging to maintain occupancy rates and could lead to increased competition among landlords, potentially driving down rents further.
In conclusion, while the acquisition cost in ZIP 26444 is affordable, the mismatch between FMR and market rent, combined with low tenant demand, poses significant challenges for landlords and small-portfolio investors. The financial viability of rental properties in this area appears questionable due to these factors, suggesting that investment decisions should be made with careful consideration of the local market dynamics.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.