Location: Nicholas County, WV | Metro: Nicholas County, WV
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $126,293 | 0.82% | C |
| 3BR | $1,230 | $203,073 | 0.61% | D |
| 4BR | $1,350 | $273,082 | 0.49% | F |
| 5BR | $1,566 | $312,941 | 0.5% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $940 for Summersville, WV (ZIP 26651) can sufficiently cover the mortgage on a home priced at $184,873. The FMR is indeed the maximum amount that a landlord can charge for a Section 8 rental unit, but it does not guarantee coverage of the mortgage. To accurately assess this, one would need to consider the prevailing interest rates and the term of the mortgage. However, the data provided does not include these specifics. Generally, an FMR of $940 would only cover a portion of the monthly mortgage payment on a home of that value, unless the mortgage has a very low interest rate.
The investor may also wonder if the rental market in Summersville, with a renter demand rate of 19.1%, is robust enough to support Section 8 investments. While 19.1% indicates a moderate level of renters in the area, it is important to note that this percentage alone does not reflect the overall health or competition within the local rental market. It is crucial to look at the vacancy rates and the average time properties remain on the market to gauge demand. Unfortunately, the data provided does not offer insights into these factors, so a definitive assessment cannot be made solely based on the given percentage.
A final concern could be whether housing vouchers will keep up with the market rents, which currently stand at $633. The Housing Choice Voucher program aims to subsidize the difference between the tenant's contribution and the actual market rent. However, the effectiveness of this subsidy depends on the availability of funds and the local administration's policies. The data does not provide information on the historical trends of voucher amounts or their adequacy relative to market rents. Therefore, while the current market rent of $633 is below the FMR of $940, which suggests some room for flexibility, the long-term sustainability of voucher payments aligning with market rents remains uncertain without additional context.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.