Location: Morgantown, WV | Metro: Morgantown, WV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
A skeptical investor considering ZIP 26504 (Unknown, WV) might have several concerns regarding the feasibility of renting properties through the Section 8 program. Here are some of the most common objections and the data to address them.
Will FMR $1090 (zip FY 2024) cover the mortgage on a home?
The median home value in ZIP 26504 has been steadily increasing, but exact figures for the current year are not readily available. However, the Fair Market Rent (FMR) of $1090 per month might not be sufficient to cover the mortgage on a typical home in this area. To accurately assess this, one would need the average home value and the prevailing mortgage rates for the region. The data suggests that while home values are rising, they are not at levels that would make this FMR particularly high-risk for covering mortgages.
Is there enough renter demand at N/A%?
Data from realtor.com and Trulia indicates there are currently 376 rental listings in ZIP 26504, and 122 single-family homes for rent. This suggests a moderate level of rental activity, but the percentage of occupied units is not specified. Given the number of listings, it's reasonable to infer that there is sufficient demand to fill these properties. However, the specific occupancy rate would provide clearer insight into the stability of rental demand.
Will vouchers keep pace with market rents?
The waiting lists for Section 8 vouchers can be extensive, as noted by my-section-8-housing.org. This implies that voucher holders may face delays in securing housing, which could impact their ability to keep pace with market rents. Additionally, the specific details on how often voucher amounts are adjusted to match market conditions in ZIP 26504 are not provided. However, the FMR of $1090 is designed to reflect the average rent in the area, suggesting that vouchers should generally align with market rents. Still, without specific data on voucher adjustments, this remains a point of uncertainty.
In conclusion, while the provided data offers insights into the real estate and rental market in ZIP 26504, certain specifics such as the average home value and precise occupancy rates are missing. These gaps could affect the decision-making process for landlords and small-portfolio investors. It is advisable to consult local real estate agents or housing authorities for more detailed information.
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.