Location: Morgantown, WV | Metro: Morgantown, WV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 26546 for Section 8 purposes, follow this decision tree based on the available data.
1) Does the Fair Market Rent (FMR) of $1090 cover debt service on a property?
No: If the FMR does not sufficiently cover your debt service requirements, purchasing a property in this area for Section 8 is not advisable. Debt service includes all mortgage payments and other financial obligations related to owning the property.
Yes: If the FMR of $1090 is sufficient to cover your debt service, proceed to the next question.
2) Is the market rent above, at, or below the FMR?
Above: If the market rent exceeds the FMR, consider that tenants receiving Section 8 vouchers might struggle to afford additional rent. This could lead to higher vacancy rates or difficulties in maintaining occupancy.
At or Below: If the market rent is at or below the FMR, it's a more favorable situation for Section 8 tenants who can afford the rent without additional burden. This suggests a stable tenant base and lower risk of vacancies.
3) Are the 11.3% renters and N/A-day days on the market (DOM) indicative of enough demand?
It Depends: The 11.3% of renters in ZIP 26546 indicates a modest rental market presence. However, the specific number of days on the market (DOM) is not provided, making it difficult to assess the speed at which properties are rented. Generally, a lower DOM suggests higher demand. If the DOM is low, it signals a strong rental market despite the modest percentage of renters. Conversely, if the DOM is high, it implies weaker demand and longer periods of vacancy, which would be less desirable for an investment strategy focused on Section 8 tenants.
In conclusion, the viability of buying in ZIP 26546 for Section 8 purposes hinges on whether the FMR covers your debt service, the relationship between market rent and FMR, and the strength of the rental demand. Ensure that you have access to accurate market rent data and DOM figures before making a final decision.
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.