Location: Wetzel County, WV | Metro: Morgantown, WV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The ZIP code 26585 presents an interesting scenario for both renters and landlords. With a median income of $62,333, households in this area face significant challenges in affording the local market rate rent, which is currently listed as N/A. This lack of specific market rate data suggests either limited availability or unreliable figures, making it difficult to assess the exact affordability gap.
However, comparing the median income to the Fair Market Rent (FMR) set at $1090 for the fiscal year 2024 provides some insight. Given that the typical household earns approximately $62,333 annually, the monthly income would be around $5,194. Assuming a conservative rent-to-income ratio of 30%, a household could afford a rent of roughly $1,558. This is significantly higher than the FMR, indicating that many residents might prefer using housing vouchers to manage their rental costs effectively.
The ZIP code has a rental population of 977 individuals, with 26.7% of them being renters. This means that there are approximately 261 renter households competing for available units. The discrepancy between the median income and the FMR highlights a notable affordability gap for those relying on vouchers, which could intensify competition among landlords willing to accept vouchers.
Landlords considering their strategy should note that while accepting vouchers ensures a steady, government-backed income stream at the FMR rate, it also subjects them to a pool of tenants who may have fewer financial resources. On the other hand, focusing on cash-paying tenants might yield higher rents but also requires navigating a potentially more competitive market.
The takeaway for landlords is to carefully weigh the benefits and challenges of each strategy. Accepting vouchers guarantees a stable tenant base and predictable income, albeit at lower rates. Opting for cash-paying tenants could result in higher rental incomes but demands a more robust screening process to ensure financial stability and timely payments. Both approaches have merit depending on the landlord's risk tolerance and investment goals.
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.