Location: Marion County, WV | Metro: Marion County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,260 for ZIP code 26572 will sufficiently cover the mortgage on a typical home. According to recent real estate market reports, the average home price in this area is not explicitly stated, making it challenging to provide a precise figure. However, with the median household income being $86,136, it suggests that the local economy can support homeownership and rental properties.
The vacancy rate in ZIP code 26572 stands at 55.14%, significantly higher than the national average of 10.43%. This high rate raises concerns over whether there is sufficient demand for rental properties at a 2.1% occupancy rate. Despite the high vacancy rate, the presence of 509 rentals near the ZIP code indicates that there is still a notable rental market. Investors should consider the reasons behind the high vacancy rate before committing to the area.
Another objection an investor might raise is whether the housing voucher program will keep pace with the market rents. Unfortunately, the data does not provide specific figures on the number of vouchers issued or their average value in ZIP code 26572. Given the high vacancy rate, it's possible that voucher holders have ample options, potentially exerting downward pressure on rental prices. However, without explicit figures, it's difficult to make a definitive statement on the alignment between voucher values and market rents.
In summary, while the FMR of $1,260 appears reasonable given the median income, the high vacancy rate poses a challenge to rental demand. The impact of housing vouchers on rental pricing remains uncertain due to a lack of specific data. Potential investors should conduct further research to understand the underlying factors influencing these metrics.
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.