Location: Morgantown, WV | Metro: Morgantown, WV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 26506 within the Morgantown, WV MSA reveals several key points regarding its viability for Section 8 landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 26506 in fiscal year 2024 is set at $1090. However, due to the lack of available market rent data, it's challenging to make a direct comparison. Landlords should ensure that their properties meet the size and quality requirements set by HUD to receive the FMR rate.
Regarding the affordability of acquisition, the data presents a limitation as the median home value, days on market (DOM), and percentage of homes needing price cuts are all currently unavailable. This absence makes it difficult to assess the ease or cost of acquiring properties in this area. Investors will need to conduct additional research to determine if property acquisition aligns with their financial goals and strategies.
The third question concerns tenant demand. ZIP 26506 has a population of 1,476, but the renter share is listed as 0.0%. This suggests that there may be limited demand for rental properties in this area, which could pose challenges for landlords looking to fill vacancies.
Verdict: Despite the promising FMR rate of $1090, the lack of comprehensive market data for ZIP 26506 hinders a full assessment of its potential. The absence of renters in the area indicates low demand for rental housing, which could lead to difficulties in maintaining occupancy. Investors should proceed with caution and conduct thorough local market research before committing to this ZIP code. The current data does not strongly support the acquisition of properties here for Section 8 purposes.
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.