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 |
U.S. Census Bureau data (2024)
The potential risks for landlords investing in ZIP 26521 through the Section 8 program include significant tenant turnover, which can be costly due to the difference between market rent and the Fair Market Rent (FMR) set at $890 for FY 2024. This discrepancy suggests that tenants might struggle to afford market rates once their vouchers expire, leading to frequent moves.
Vacancy exposure is another concern, though the exact days on market (DOM) data is currently unavailable. With a typical home value of $139,893 and a median household income of $80,625, landlords must be prepared for the possibility of higher vacancy rates if market conditions shift, as lower-income households often rely on assistance programs to secure housing.
Deferred maintenance is also a risk factor, especially when considering the typical home value. Landlords should be vigilant about property upkeep to ensure compliance with Section 8 standards and avoid penalties. The financial strain of maintaining properties at this value level while receiving only the FMR can be considerable.
However, these risks are somewhat mitigated by the high concentration of renters in ZIP 26521, where 10.4% of residents are renters. High renter density generally indicates a robust demand for rental units, including those participating in the Section 8 program. This demand can help stabilize occupancy rates and reduce the likelihood of prolonged vacancies.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 26521 is moderate.
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.