Location: Nicholas County, WV | Metro: Fayette County, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The ZIP code 26656 is situated in a small, tight-knit community with a total population of 414 residents. This neighborhood stands out due to its significant rental market presence, where 43.9% of the residents are renters. The median household income in this area is $78,068, indicating a middle-class demographic that can afford moderate housing costs. However, the median home value of $103,197 suggests that the real estate market here is relatively affordable compared to national averages.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 26656 for fiscal year 2024 is set at $870. Given the lack of data on market rents, it's reasonable to infer that the FMR serves as a benchmark for rental prices in the area. This figure is crucial for landlords and small-portfolio investors considering the Section 8 Housing Choice Voucher program, as it dictates the maximum allowable rent for subsidized units.
The practical application of these insights hinges on the type of investment strategy an investor might pursue. For a hands-off voucher operator, ZIP 26656 could be a suitable location, given the manageable property values and the proportion of renters who might benefit from the Section 8 program. The steady demand for rental properties and the moderate income levels support a stable cash flow for such operators.
On the other hand, for a hands-on value-add buyer looking to improve properties and increase their value, ZIP 26656 presents both opportunities and challenges. The low median home value suggests potential for property appreciation through renovation and strategic management. However, the absence of recent market rent data indicates a need for thorough local market research to understand the true rental dynamics and avoid underpricing or overpricing the units.
In summary, ZIP 26656 offers a balanced environment for real estate investment, particularly for those involved with the Section 8 program. Its characteristics make it attractive for hands-off operators seeking consistent returns and for value-add buyers willing to invest time and capital to enhance their portfolio.
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.